The Islamic Finance Research Institute of Ghana (IFRIG) has held a pivotal engagement with Ghana’s Securities and Exchange Commission (SEC).
The meeting of April 30, 2025 was held at the SEC headquarters, as a strategic engagement focused on exploring pathways towards Non-Interest Capital Market Regulation, commonly referred to as Islamic Finance.
An IFRIG resource person, Mallam Attahiru Maccido of Nigeria, in his presentation titled ‘Toward Non-Interest Capital Market Regulation’ outlined how Nigeria nurtured and grew its non-interest finance portfolios in the capital market.
He also analysed the non-interest capital market ecosystem emphasizing on legal and regulatory support for Ghana.
Prof John Gatsi, Dean of the Business School at the University of Cape Coast (UCC) in his presentation tackled areas like a technical roadmap for the introduction of non-interest finance and capital market instruments, regulatory issues, capacity building as well as collaborations.
He also emphasized the centrality of non-interest banking and finance to improving government’s development finance options while stressing the importance of non-interest finance in broadening the financial inclusion portfolio of players in the area.
James Klutse Avedzi, the SEC boss in his comments emphasized that this engagement marks a significant step in deepening stakeholder collaboration towards building a more inclusive and diversified capital market in Ghana.
He thanked IFRIG for the engagement and promised that further steps will be taken to ensure that concrete deliverables are achieved in the short to medium term.
The engagement aligns with recent remarks by H.E. John Dramani Mahama, highlighting Ghana’s openness to unlocking the potential of Islamic Finance for inclusive and sustainable economic growth.
Islamic Finance operates under Shariah (Islamic law) principles, promoting ethical, equitable, and interest-free financial transactions—offering opportunities for greater financial inclusion and diversified investment options.
The National Democratic Congress (NDC) government made express commitments to Islamic Finance, mentioning it multiple times in its 2024 election manifesto.
President Mahama since taking office in January 7, 2025 has on at least three occasions emphasized his government’s commitment to ensure non-interest banking becomes a reality.
