Over 70% of Ghanaians Have Limited Knowledge of Non-Interest Banking — Dr Shaibu Ali
The Director-General of the Islamic Finance Research Institute of Ghana (IFRIG), Dr Shaibu Ali, has underscored the need for intensified public education on non-interest banking and finance in Ghana, following findings from a nationwide survey conducted by the Institute.
Speaking during a webinar hosted by the Chartered Institute of Bankers Ghana (CIBG) on the theme “Non-Interest Banking and Finance: A Pathway to Ethical Banking and Inclusive Growth” on Tuesday, November 4, 2025, Dr Ali revealed that although awareness of non-interest banking has improved, the level of understanding among Ghanaians remains relatively low.
According to him, out of 6,000 respondents surveyed across all 16 regions, 4,160 respondents – representing 71.2 percent – indicated they were aware of the introduction of non-interest banking and finance in the country. However, 1,662 respondents, or 28.8 percent, said they had no knowledge of it.
“The problem is not about people being aware, but about their level of awareness,” Dr Ali remarked.
He disclosed that when respondents were asked to rate their level of awareness, only 27.9 percent described it as high, while 38 percent said it was moderate and 34.1 percent low. Combined, the moderate and low awareness levels accounted for 72.1 percent of total responses – a situation he said highlights the urgency for greater sensitisation.
Dr Ali emphasised that the Institute, in collaboration with relevant financial and educational institutions, would intensify efforts to improve public understanding of non-interest banking principles. He noted that enhanced knowledge would help demystify the concept and promote wider adoption, particularly among the unbanked population.
Explaining the fundamentals of non-interest or Islamic banking, Dr Ali said the model operates differently from conventional banking systems, going beyond the mere absence of interest. He highlighted three key pillars underpinning non-interest banking – risk sharing, asset-backed financing, and ethical investing.
“Non-interest banking has its own model, and that model is enshrined in three things: risk sharing, asset backing, and ethical investing,” he explained. “It is not simply a conventional bank without interest; it operates on an entirely different framework.”
He further noted that Ghana’s Banking Act, 2016 (Act 930), already recognises non-interest banking as a legitimate alternative financial model. Similar to Nigeria, Ghana refers to the system as non-interest or Abrahamic banking.
Dr Shaibu Ali further reiterated that effective collaboration between Islamic finance institutions, commercial banks, and regulators is vital to enhancing public understanding and trust in non-interest banking. Such cooperation, he said, would enable the sector to contribute meaningfully to inclusive growth and ethical financial practices in Ghana.
Meanwhile, the Bank of Ghana (BoG) has intensified stakeholder consultations on the rollout of Non-Interest Banking and Finance (NIBF) in the country, engaging Christian and Muslim leaders.
The stakeholder consultations led by Prof. John Gatsi, Advisor at the Bank, on behalf of Governor Dr. Johnson Asiama, form part of efforts to develop an inclusive regulatory framework to support NIBF operations.
Prof. Gatsi stressed that NIBF is expected to deepen financial inclusion, expand consumer choice, and provide fair, non-discriminatory access to financial services.
