Ghana plans to issue its first non-interest banking licence by the end of 2026
As MyJoyOnline reports, the Bank of Ghana plans to issue its first licence for non-interest banking by the end of 2026. On January 13, 2026, the regulator published guidelines on regulation and supervision in this area, and on August 18 it established the Non-Interest Finance Advisory Council (NIFAC).
A model without interest charges
The publication describes non-interest banking as financial intermediation through partnerships, trade, agency services and leasing without charging interest. The revenues of such institutions may be generated from profits from partnerships and trade operations, commissions, or rental payments.
The author of the article notes that in different jurisdictions this approach is also called Islamic, ethical or alternative banking. According to the description in the article, this model provides financing for ethical types of business and does not support activities related to alcohol, pornography and gambling.
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Religious discussions
The introduction of the model has raised concerns among some critics that it may be a way of promoting banking based on Sharia norms in predominantly Christian and at the same time secular Ghana. According to the outlet, the Bank of Ghana has consistently stated that non-interest banking will not be used to support any religion.
Before publishing the guidelines, the regulator consulted the Christian Council of Ghana, the Ghana Pentecostal and Charismatic Council, and the Conference of Catholic Bishops. The author of the article argues that the principles of non-interest banking are also grounded in biblical texts on lending without usury. This is the author's assessment, not the position of the platform's editorial team.
The article also mentions that on September 2, the Ghana Securities Commission issued guidelines on sukuk issuance.
