In a significant step towards expanding financial inclusion and ethical banking in Ghana, the Islamic Finance Research Institute of Ghana (IFRIG) has organised an International Executive Training and Study Tour on Non-Interest Banking, Capital Markets and Takaful (Insurance) in Kuala Lumpur, Malaysia.

The five-day programme, running from June 22 to 26, 2026, has brought together professionals from the financial sectors of Ghana, Nigeria, Malaysia and beyond to gain first-hand exposure to Malaysia's world-renowned dual-banking system, Sukuk (non-interest bond) markets and regulatory framework, widely regarded as the most advanced of its kind globally.

Also participating in the training are officials of the Securities and Exchange Commission (SEC), led by its Director-General, Dr James Klutse Avedzi, as well as officials from the National Insurance Commission (NIC).

Building Capacity for a Growing Sector

The training, organised in collaboration with the Centre for Islamic Economics (CIE) at the International Islamic University Malaysia (IIUM), aims to equip industry players with the knowledge and skills needed to drive the growth of Non-Interest Banking and Finance in Ghana.

Dr Ali Shaibu, Director-General of IFRIG and Deputy Chief Executive Officer of Trustmark Capital Ltd, emphasised the importance of capacity building.

"There is a need to build the capacity of key industry players to have a full understanding of Non-Interest Banking to aid its implementation in Ghana and help lift more people above the poverty line," Dr Shaibu stated.

A Solution for National Development

Ghana's Deputy High Commissioner to Malaysia, Prof. Naail Mohammed Kamil, expressed strong support for the initiative, describing Non-Interest Banking as a viable alternative for addressing Ghana's development challenges.

"Non-Interest Banking is the best alternative to solving Ghana's development problems," Professor Naail stated. "It discourages speculation, encourages productive economic activity and aligns finance with real assets. For a developing nation, this is exactly the kind of financial architecture we need."

Attahiru Maccido, Managing Director of Trustmark Capital Ltd and a lead trainer at the workshop, also highlighted the transformative potential of the system.

"Non-Interest Banking has what it takes to help transform the business community in Ghana," Maccido said.

He was quick to dispel a common misconception, adding:

"Non-Interest Banking is not only for Muslims; it is designed to benefit all of humanity."

Regulatory Confidence

Professor John Gatsi, who led the Bank of Ghana delegation to the training programme, allayed concerns that the introduction of Non-Interest Banking could destabilise the country's conventional banking system.

"I want to allay the fear that Non-Interest Banking will collapse the current traditional banking system," Professor Gatsi assured. "That is not the case. We are here to learn how to build a complementary system — a robust dual-banking framework that offers choice, encourages competition and strengthens our overall financial stability."

A First of Its Kind

The programme, the first of its kind, is being held under the theme: 'Strengthening Capacity in Ethical Finance, Financial Inclusion and Sustainable Economic Development.'

As Ghana prepares to deepen the integration of Non-Interest Banking into its financial landscape, the training marks a significant milestone in the country's pursuit of a more inclusive, ethical and sustainable financial system.

The programme continues through June 26, with participants expected to return home equipped with practical insights and best practices drawn from Malaysia's successful Islamic finance model.

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Ghana Bank Regulators Visit Malaysia to Learn Interest-Free Banking

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