…… As NIFIC 2026 Opens in Accra on Saturday
by: Mohammed A. Abu
Alhaj jYusif Geoffrey, President, of the Ghana Association of Muslim Accountants(GAMA) has called on all fellow professional accountants in Ghana irrespective of their religious persuasions to consider the fact that, they have a crucial role to play in Ghana’s upcoming Non-Interest Banking and Finance industry.
Mr. Geofrey also intimates,” non-interest finance will succeed in Ghana only if its numbers can be trusted. “That is our work as Professional Accountants. Transparency, substance over form and sound assurance are what accountants already bring. The sector needs them now”
He was a delivering a presentation on the topic, “Non-Interest Finance, Principles, Earning Models and the Opportunities for Ghana Accountants” during a webinar in Accra recently.
The event formed part of a series of other webinars on Sukuk and Takaful to herald in the Islamic Finance Research Institute of Ghana’s (IFRIG’s) flagship event, Non-Interest Financial International Conference (NIFIC 2026) that opens in Accra tomorrow under the theme, “Does Non-Interest Banking Belong only to a Particular Group?” The event has Dr. Johnson P. Asiamah Governor of BOG as Guest of Honour, Dr. Hon James Kulutse Avedzi, Director General of Securities Exchange Commission (SEC) as Chairman and draws a number of local and external industry experts as Speakers.
Ghana’s Regulatory Framework for Non-interest Finance
Ghana, Mr. Geofrey noted, moved non-interest finance from idea to regulation in Jan 2026 when Bank of Ghana published the Guidelines for the Regulation and Supervision of Non-Interest Banking while it also in Aug 2026, inaugurated the Non-Interest Financial Advisory Council (NIFAC) at Bank Square.
As of October 2026, the first non-interest banking Licence applications he said from reliable sources, was under review while also noting.” every institution that enters will need accountants who understand both IFRS and non-interest contracts — and today that pool is small”.
The Bank of Ghana (BOG) definition
The BOG he said, defines non-interest finance as an alternative financial system that promotes financial intermediation and avoids, paying or receiving interest, excessive uncertainty, gambling and investment in prohibited activities while it promotes, transactions backed by real economic activity, productive assets, fairness, transparency, equity and risk-sharing.
Legal basis
Act 930 (2016), section 18(1)(r) he noted, already lists non-interest banking as a permissible activity open to all customers; not tied to any religion.
A working definition for today.
“Non-interest finance earns its return by trading, leasing and sharing in real economic activity — never by charging a price for money itself. For accountants: the contract and its economic substance — not the product label — decide recognition, measurement and disclosure”.
How non-interest banks make money
Addressing the thorny issue of, if non-interest banking and non-banking financial institutions don’t charge interest where does the profit come from, Mr. Geofrey said, they earn revenue from taking real risk on assets and ventures — through four families of contracts.
Modes of Financing
Four contract families, four income streams Sale-based from they derive their profits Mr.Geofrey said, were namely.• Cost Plus (Murabaha) • Forward Sale (Salam & Istisna’) Earns: trading mark-up Lease-based • Ijara (operating) • Ijara ending in ownership Earns: rental income Partnership • Mudarabah (Investor Manager) • Musharakah (Investors Pool) • Diminishing musharaka Earns: share of profit Fee and agency • Wakala (agency) • Kafala (guarantee) • Ujrah (service fee) Earns: fees and commissions
Roles for Professional Accountants
Accountants Mr. Geofrey said, will be needed across the whole ecosystem. Their roles he said included, Non-interest (NI) banks and windows NIFF reporting, product costing, internal audit and advisory firms External audit, NI compliance reviews, Regulators BoG, SEC, NIC, GRA supervision and policy Capital markets Sukuk issuers, trustees, SPVs, fund managers Public sector MoF, CAGD: sovereign sukuk, PPP assets Takaful and social finance Takaful funds, zakat, waqf, microfinance.
Commentators on the BoG framework he noted, have flagged the need for accountants, auditors and risk professionals who understand both conventional practice and non-interest requirements.
Roles and Skills Gaps
Inside the institution, the accountant Mr. Geofrey said has a vital role to play. On Skills requirement gap in Ghana today he said NIFF financial reporting Prepares ring-fenced NIFF accounts; allocates profit to investment accounts.
The Bahrain based NIF industry standards setting body, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), as well as the Financial Accounting Standard (FAS), IFRS bridge, PSIA and reserve accounting he noted was of very High standards, yet as of now, Ghana has a few AAOIFI-trained preparers. He also took note of Internal NI compliance audit Tests that deal with follow approved contracts; reports to the NIBAC Contract mechanics. Mr. Geofrey also took particular note of the fact that, AAOIFI governance and audit standards which he said is very high and its role is also new to Ghana External audit and assurance Audits.
NI windows and banks; checks NIFF segregation holds ISAs plus AAOIFI auditing; substance cover-form judgement standards is also very high but no local audit guidance yet. Risk, treasury and ALM Manages liquidity without interest instruments; displaced commercial risk Rate-of-return risk, PER/IRR, IFSB capital standards he said, was also very high and yet there are few local liquidity tools. Standards for product structuring and pricing Costs and prices Murabaha, ijara and musharaka for BoG approval Contract law, benchmark pricing, cashflow modeling said is also very high and yet, little local product history.
Recommendations
Six moves, Mr. Geofrey recommended for Ghana’s professional accountants are as follows:
1 Learn the contracts first Read the BoG Guideline and AAOIFI Islamic commercial jurisprudence standards on Murabaha, ijara and musharaka.
2 Build the AAOIFI–IFRS bridge Map FAS 27, 28, 32, 35 and 43 to IFRS 9, 15, 16 and 17.
3.Get certified Pursue AAOIFI CIPA or CSAA, or a recognized postgraduate programme.
4 Engage ICAG Push for CPD modules, practice notes on NIFF reporting and audit, and syllabus content.
5 Shape tax policy Work with GRA and MoF on tax neutrality before products scale.
6 Guard substance over form Challenge label-only products; our credibility is the sector’s credibility.
Further reading and courses
Six books for the accountant’s shelf Author (year) Title Why read it Muhammad Taqi Usmani (1998) An Introduction to Islamic Finance Contract mechanics from a leading jurist Zamir Iqbal & Abbas Mirakhor (2011) An Introduction to Islamic Finance: Theory and Practice, 2nd ed. Risk-sharing theory and institutions Mahmoud A. El-Gamal (2006) Islamic Finance: Law, Economics, and Practice Form versus substance, critically Muhammad Ayub (2007) Understanding Islamic Finance Practitioner’s guide to products Simon Archer & Rifaat Abdel Karim, eds. (2013) Islamic Finance: The New Regulatory Challenge, 2nd ed. Regulation, capital and governance M. Umer Chapra (2000) The Future of Economics: An Islamic Perspective The purpose and ethics behind the system
Further Reading and Courses
Standards, regulations and reports to keep at hand AAOIFI standards Accounting (FAS), Islamic commercial jurisprudence , governance and auditing standards — aaoifi.com IFSB publications Prudential standards and the annual IFSI Stability Report — ifsb.org Bank of Ghana NIB Guideline (Jan 2026), NIFAC FAQs and Governor’s speeches — bog.gov.gh SEC Ghana Securities Industry (Sukuk Issuance) Guidelines 2026 — sec.gov.gh Ghana Association of Banks Systematic Review on Islamic Banking — gab.com.gh Nigeria as comparator CBN framework and guidelines for noninterest financial institutions — cbn.gov.ng
