The Islamic Finance Research Institute of Ghana, IFRIG, in collaboration with Lead Leaders iSolutions and S.A.I.D. Academy has held a one-day specialized training for Islamic scholars (Ulama) on Islamic Finance in Takoradi on 3rd April, 2021.

As part of IFRIG's scheduled programs for the year, 2021, the Ulama training in Takoradi themed: “The Need for Ulama to Champion Islamic Finance in Ghana,” is the second such program organized this year with the first being at the Police Mosque, Cantonments, Accra.

With over 50 participants, the event was graced by Imams, chiefs and Islamic scholars of Takoradi in the Western Region of Ghana.

In his presentation during the training, Prof Naail Mohammed Kamil Dangigala, a lecturer with the Kwame Nkrumah University of Science and Technology and a fellow with the institute, highlighted the differences between conventional and Islamic Finance.

He explained that Islamic Finance is everything practiced in the conventional finance space with principles from the Shariah (Islamic law) regulating its practices.

He added that Islamic banking needed professionals in conventional economics and Islamic scholars who are abreast with the Islamic law, hence the pressing need to meet and interact with the Ulama across the country to join hands in supporting the cause.

He challenged the invitees to spread the gospel and be boundless advocates for Islamic Finance especially to the non-Muslims in their societies.

For his part, the Director General of IFRIG and PhD Fellow with Jiangsu University, Shaibu, Ali, presented a nationwide research conducted by the institute on the level of information that Muslims and non-Muslims had on the subject of Islamic Finance.

The findings indicated a wide advocacy gap which he said IFRIG and other sister organizations are working towards bridging.

He noted that, Ghana currently has 23 licensed banks with none being Islamic or having an Islamic banking product. He reiterated the need to have all hands on deck to materialize Islamic banking in Ghana.

Mosque management presentations

A model for effective management of Masjid (mosque) and its performance was presented by Mr Musah Ismail, a finance analyst and IFRIG research fellow during the training where he encouraged the Ulama to establish mosques on the foundation of piety.

Subsequently, he recommended six committees that all mosques should consider establishing for effective operation. They were; the Educational and Propagation, Finance, Maintenance and Development, Welfare, Youth Empowerment and the Marriage Counselling Committees.

The Chairperson of the occasion, Alhaji Abu Tahiru, the President of the Graduate Students’ of African Development Bank and Takoradi Regional Manager of the Food and Drugs Board acknowledged IFRIG for bringing such a big opportunity to their desks.

He urged participants to share their knowledge and ideas to champion the course of Islamic Finance.

He further entreated the Ulama to collectively support the agenda to help manage their finances in compliance with the Shariah and the finances of their brothers and sisters who are actively involved in businesses.

Participants who spoke to journalists after the event showed willingness to embrace the idea and help champion Islamic finance with their unique role as members of the clergy.

Most of them also made suggestions on how IFRIG and other like-minded organizations could scale up their advocacy and activities.