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

The five-day program, running from June 22–26, brings together professionals from the financial sector 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 considered the most advanced of its kind globally.

Also part of the training tour are officials from the Securities and Exchange Commission (SEC) led by its Director General, Dr. James Klutse Avedzi, and other officials of the National Insurance Commission (NIC).

Building Capacity for a Growing Sector
The training, held in collaboration with the Centre for Islamic Economics (CIE) at the International Islamic University Malaysia (IIUM), aims to equip industry players with the knowledge needed to drive Non-Interest Banking and Finance in Ghana.

Dr. Ali Shaibu, Director General of IFRIG and Deputy CEO of Trustmark Capital Ltd, emphasised the importance of capacity building.

"There's 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, as well as help lift the population 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 the best alternative to solving 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."

Managing Director of Trustmark Co. Ltd. and a lead trainer at the workshop, Attahiru Maccido, shared his optimism about 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 clear a common misconception, adding that "non-interest banking is not only for Muslims, it is also meant for all of humanity."

Regulatory Confidence
Professor John Gatsi, who led the delegation from the Bank of Ghana to the training, allayed fears that the new system could destabilise the country's existing traditional banking framework.

"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 program, the first of its kind, was held under the theme: "Strengthening Capacity in Ethical Finance, Financial Inclusion and Sustainable Economic Development."

As Ghana prepares to fully integrate Non-Interest Banking into its financial landscape, this training marks a pivotal moment in the country's journey toward more inclusive, ethical, and sustainable economic growth.

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