All-inclusiveness re-echoed… As maiden virtual National Dialogue holds
By: Mohammed A. Abu
Accra/Panelists drawn from diverse faiths, professional and academic backgrounds from Ghana, Nigeria and Kenya have re-emphasized that, non-interest Banking and Finance (NIBF) in Ghana otherwise termed as “Islamic Banking & Finance” in other jurisdictions, is about offering an alternative all-inclusive ethics driven financing mechanism for economic development not about religion per say, and which is going to be accessible to all Ghanaians irrespective of their religious persuasions.
They were also unanimous about the catalytic role it could play in driving Foreign Direct Investments (FDI) inflows into the country, diversifying the country’s capital market instruments portfolio, via sukuk (non-interest bonds) issuances. Thus, putting her in a better position to address her public sector infrastructure projects funding gap, private sector capital financing gap and as well as, that of the real economy sector with particular reference to SMEs and business start-ups.
They were speaking during a webinar on The National Dialogue on Non-Interest Banking & Finance hosted by the Islamic Finance Research Institute, Ghana (IFRIG) on the 13th September,2026 in Accra.
Held under the theme, “Does Non-Interest Banking Belong Only to a Particular Group?” Understanding Non-Interest Banking as a Financial Opportunity for All”, the panel session featured Rev Professor Joseph Mbawuni, Professor in Finance and Accounting, Mr. Joe Jackson, CEO, Dalex Finance, Ghana, Dr. Shaibu Ali, Director General IFRIG, Nicholas Gbana, Development Economist & Chartered Accountant, Mr. Steve Muia, Managing Director/CEO, Purpose Consult Ltd, Kenya, Dr. Attahiru Maccido Managing Director/CEO, Trustmark Capital Limited, Ghana,Mr.Robert Dzato,FCIB,CEO,CIB,Ghana and Mr. Musah Ismaila,Director,Audit & Governance,IFRIG, Ghana.
IFRIG’s CEO, Dr. Shaibu Ali, speaking to the issue of the misconception being held by some that non-Interest banking and financing is in to displace conventional banking, he emphasized that contrary to that, he has all along made clear in his submissions that, it was going to play a complementary role to its conventional counterpart as already demonstrated in other jurisdictions worldwide namely the UK,Luxembourg,South Africa,Malaysia,Nigeria among others.
Rev Professor Mbawuni noted that there were a number of industry areas in the Ghanaian economy with a shortfalls in conventional banking capital financing making particular reference to agriculture and start-ups and posited that, they are areas where non-interest baking and finance could play a complementary role leveraging non-interest banking products such as Musharaqa(Joint Venture),Murabaha(partial Joint Venture) among others.Thus,the issue of non-interest banks coming to displace their conventional counterparts is unfounded.
Dr. Attahiru Maccido inputting the Nigeria country experience, noted that, the country years gone by, also had to encounter the same situation in which Ghana finds herself today but was able to navigate the teething associated challenges gradually.
Today, Dr. Maccido noted, non-interest banking and finance is well grounded in Nigeria with five fully fledged non-interest banks with a number conventional banks operating non-interest banking windows or units. Non-Muslim Nigerians including Christians some of whom are Reverends he disclosed, are engaged in top management levels and Board membership in non-interest banking institutions.
The Federal government he also said leverages sukuk issuances for the infrastructure projects financing with particular reference to roads to serve the transportation needs of all Nigerians. The debt Management Office of the Federal government Dr. Maccido said has raised over N1.1 trillion across seven sovereign sukuk issuances since 2017 to fund critical roads and bridge infrastructure across Nigeria’s six geopolitical zones. The last in the series of issuances he said, was the 2025 N300 billion Sovereign sukuk (attracted a massive oversubscription of N2.205 trillion).
Mr. Steve Muia also inputting his Kenyan country experience while lauding the national development importance of non-interest banking and finance, also advised Ghana to go it gradual and with patience stressing that non-interest banking needs patience. He also cautioned against the introduction of the industry based on hosting of a number of non-interest banking and finance events, emphasizing the need to also ensure that, the most appropriate structures, legal, governance and liquidity management frameworks are firmly grounded prior to the eventual industry take-off so as to avoid mistakes committed by others in some other jurisdictions.
