The Islamic Finance Research Institute of Ghana (IFRIG), an Islamic Banking and Finance (IBF) outfit, has since 2020 championed efforts to engage relevant stakeholders in the wider finance ecosystem to see to the eventual rollout of Islamic banking in Ghana.
IFRIG’s footprints include the organisation of monthly webinars, specialised trainings, research work, organisation of fora, and its flagship programme, the Islamic Finance International Conference (IFIC).
Ahead of the 2024 general elections, IFRIG made pro-IBF presentations to the major political parties. The outcome of the polls meant that 2025 was going to be a defining year for us.
The new National Democratic Congress (NDC) government had made express commitments about Islamic banking in their manifesto, and President John Dramani Mahama has since his swearing in had cause to restate the government’s commitment to the same.
In this piece, we unpack the busy last three months for the organization, highlighting major activities by IFRIG for the period spanning January – March 2025 (Q1 of the year).
IFRIG continues its strides in advocating for the adoption of Islamic Finance as a key driver of economic growth and of financial inclusion.
Four IFRIG members were part of the National Economic Dialogue organized by the government, serving on two sub-committees of the NED – The Committee on Restoring Microeconomic Stability and the Committee on Infrastructure Development.
As part of key policy recommendations under the strengthening of the banking system and financial intermediation, read: “conduct a feasibility study and develop the regulatory framework for non-interest banking (Islamic financing).
Aside from Shaibu Ali, other participants who advocated for Islamic banking included Prof Gatsi of UCC, former Bank of Ghana Dr. Nashiru Issahaku, BoG Dr. Johnson Asiama, and Dr. Zakaria.
The four IFRIG representatives were: Dr. Shaibu Ali, the Director of IFRIG, Yusuf Geoffery, Musah Ismaila Maiga, and Sherif Shaban.
IFRIG on March 12 held the 2025 edition of the Islamic Finance Forum (IFF), which took place at the Center for Scientific and Industrial Research (CSIR) auditorium in Accra.
The forum was graced by a representative of the National Chief Imam, Sheikh Osmanu Nuhu Sharubutu, and was under the theme: “Islamic Finance: Unlocking Infrastructure Development Through Sukuk.”
Speakers included Prof John Gatsi, Dean of the School of Business at the University of Cape Coast, Dr. Shaibu Ali, Director of IFRIG, and Economist Adishetu Hamidu. Three other Research Fellows of IFRIG are also billed as contributors – Yusuf Geoffery, Musah Ismaila Maiga, and Sherif Shaban.
The choice of theme ties into the subject of infrastructure financing with IFRIG advocating for the use of internationally acclaimed Islamic bonds, known as Sukuk, as a viable path to bridging infrastructure deficit in critical areas of the economy.
IFRIG also undertook a membership drive for the Institute of Islamic Finance Professionals (IIFP), a wing that aims to get young Islamic finance enthusiasts, especially those in the tertiary institutions, to incrementally join its ranks.
The short to medium term plan is to create a good human resource base going into the future. This would mean that there is a ready market for the industry by way of the expertise needed when plans and actions eventually come to fruition.
In the second quarter of 2025, IFRIG will continue with its planned programmes and report on the same at the close of the quarter. Stay tuned.
About IFRIG
IFRIG is first and foremost, a research institution focused on the Islamic Banking and Finance ecosystem in the country and the West African subregion.
“Our efforts, currently pivoted in the area of research, advocacy, and capacity building, have the medium to long-term aspirations of leveraging research to usher Ghana into an incremental adaptation of Islamic finance–banking and insurance,” a post on their website read.
Its flagship programme is the Islamic Finance International Conference (IFIC), an annual event which started in 2020, pooling 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.
Meanwhile, catch up on the concluding part of the story of Fort William, where children were sold in exchange for kitchenware, others, below:
