A study by the Islamic Finance Research Institute of Ghana (IFRIG) has pointed to a significant public support for non-interest banking in Ghana.

In findings published last week, IFRIG stated that “88.7 percent of respondents currently use conventional banks. However, 98.4 percent expressed a willingness to patronize non-interest financial services if available, and 95.6 percent believe such services can survive in Ghana’s competitive financial landscape.

“Further, 96 percent affirm that this model has a future in the country. These are not fringe numbers, they represent a national consensus for diversification in banking choices. Awareness of non-interest banking stood at 71.2 percent,” it added.

On religious affiliation of the respondents polled from across the 16 regions, the study had 62.7 percent of the sample identified as Muslim and 35.9 percent as Christian, with traditional believers and others constituting the remainder.

Dr Shaibu Ali, Director General of IFRIG, told this reporter that national surveys of this kind were in line with a core mandate of the institution that he leads, and this is only the latest installment of research publications they have published over the last few years.

“The finance ecosystem, structured and delicate as it is, thrives on quality scientific data and for us at IFRIG, this informs that topics that we leverage on when it comes to our research works since 2020.

“In light of recent developments, where the government is actively pushing to have non-interest banking rolled out in earnest, we are happy to contribute scientific data to put the conversations in proper contest alongside our advocacy on non-interest banking,” Dr. Ali added.

IFRIG, therefore, called on major stakeholders including the Bank of Ghana, the Ministry of Finance, and other regulators to expedite the release of a regulatory framework for non-interest financial services.

“This framework should provide robust licensing guidelines, governance standards, compliance mechanisms, and capital adequacy rules. The Institute further recommends the rollout of coordinated public education campaigns to dispel myths, raise awareness, and build trust in the model,” they stressed.

About IFRIG

IFRIG is first and foremost, a research institution focused on the Islamic Banking and Finance ecosystem in the country and West African subregion.

"Our efforts currently pivoted in the area of research, advocacy and capacity building has the medium to long term aspirations of leveraging on research to usher Ghana into an incremental adaptation of Islamic finance – banking and insurance," a post on their website read.

IFRIG’s flagship programme is the Islamic Finance International Conference (IFIC).

The annual event, since 2020, has pooled together experts from Ghana, the West African subregion and beyond to continue sharing perspectives on the importance of non-interest banking and finance for the wider socio-economic good of Ghana specifically and the global economy.



Read IFRIG’s full research brief below:



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