Non-Interest Banking: A true Christian way of banking
The Bank of Ghana released THE GUIDELINE FOR THE REGULATION AND SUPERVISION OF NON-INTEREST BANKING IN GHANA on the 13th of January 2026. Consequently, and after various engagements with stakeholders and the general public, the Bank of Ghana inaugurated the Non- Interest Financial Advisory Council (NIFAC) on August, 18, 2026.
On the 13th of January 2026, the Bank of Ghana published THE GUIDELINE FOR THE REGULATION AND SUPERVISION OF NON-INTEREST BANKING IN GHANA. Subsequently, after consultations with stakeholders and the public, the Bank of Ghana established the Non-Interest Financial Advisory Council (NIFAC) on August 18, 2026. The Bank of Ghana aims to issue the first Non-Interest Banking License by the end of 2026.
However, there are concerns that Non-Interest Banking is a covert method to promote Islamic Banking in a Christian country like Ghana. The Bank of Ghana reassures that Non-Interest Banking is not intended to promote any particular religion.
Non-Interest Banking is a form of financial intermediation that involves partnerships, trading, agency, and leasing without charging interest. This is in contrast to conventional banking, where returns are primarily generated through interest income. Non-Interest Banking is also known as ethical banking, as it aims to financially support businesses that adhere to moral values, such as prohibiting businesses involved in activities like alcoholism, pornography, and gambling.
The Bible consistently condemns usury, which is synonymous with interest. Several passages in both the Old and New Testaments clearly state that lending money with usury is not permissible. For instance, Exodus 22:25 and Deuteronomy 23:19 explicitly forbid charging interest to one's brother. Leviticus 25:36-37 and Proverbs 28:8 reiterate this prohibition.
Even Jesus Christ, in the parable of the talents, emphasized the importance of investing money for usury as the least one could do, yet still less beneficial than trading.
Non-Interest Banking is thus aligned with Christian values, as it supports ethical businesses while prohibiting those that conflict with moral principles. This system of banking, though termed Islamic in some jurisdictions, is not exclusive to any religion and can be practiced by individuals and organizations from various faiths who value morality in financial transactions.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
