{
  "id": 4859989,
  "title": "Non-interest finance is for everyone: IFRIG supports BoG’s inclusive financial agenda",
  "url": "https://urgent.news/2026/09/01/non-interest-finance-is-for-everyone-ifrig-supports-bogs-inclusive-4859989",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-01T12:17:41.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/non-interest-finance-is-for-everyone-ifrig-supports-bogs-inclusive-financial-agenda/"
  },
  "original_language": "en",
  "account": "For years, traditional banking has been the main way people and businesses get financial services. Yet, the world has learned that interest-based banking isn't the only way to grow savings, fund businesses, support investments, and boost economic growth. Countries are now turning to alternative financial models, like ethical finance, sustainable finance, and non-interest banking and finance. This makes it crucial to back the Bank of Ghana, led by Dr. Johnson Pandit Asiamah, who believes non-interest banking isn't just for Muslims. IFRIG, a research group focused on non-interest banking and finance, wholeheartedly agrees. Non-interest banking is a system that can be used by anyone, no matter their religion, race, or beliefs. It should be seen as an alternative and addition to the regular banking system, not a substitute for it. Just as people have different financial needs and likes, Ghana's financial system should offer various products and methods to let individuals and businesses pick the services that fit them best. Unlike regular banks that mainly lend money and make money through interest, non-interest banks make money through commercial deals and activities tied to the real world. They make money from asset-based loans, leasing, trade and investment activities, and equity partnerships. For example, a bank might buy something, sell it to a customer with a profit, rent something to a customer, or team up for a project or investment. The important thing for Ghanaians, especially those outside the Muslim community, is that non-interest banking doesn't make someone a Muslim. A Christian, farmer, trader, professional, or investor can get non-interest banking products just like any other customer. The choice to use these products should be based on how they help the customer, not their religion. Other countries like the UK and Nigeria also show how non-interest banking can work with regular banking and help people from different backgrounds. Non-interest finance also offers chances for Ghana's investment and money markets, especially through something called Sukuk, a special kind of non-interest bond. With proper rules and setup, Sukuk can give more money for big projects like roads, hospitals, schools, housing, energy, and other important infrastructure. As Ghana needs new and green ways to invest, introducing Sukuk and other non-interest financial tools could bring in more local and foreign investors. The global non-interest financial services industry, now a huge multi-trillion-dollar market, is an opportunity that Ghana's financial system shouldn't miss. Developing non-interest banking will also create chances for banks, investment firms, accountants, auditors, lawyers, tech companies, and people who work in the capital market. It will bring new products, contracts, and investment ideas, helping Ghana's financial system grow and become stronger. So, IFRIG thinks we should look beyond religion when talking about non-interest banking. The real question shouldn't be if the system belongs to Muslims or Christians, but if it can give people more choices in finance, encourage investment, make the capital market deeper, and help Ghana's economy grow. The Bank of Ghana's job is to make sure the financial system is strong, stable, welcoming, and creative. Giving a rule for non-interest banking doesn't replace regular banking or force anyone into a specific product. Instead, it gives customers, businesses, and investors another safe choice. Ghana has the chance to create a financial system where both regular and non-interest banks live together and help each other. A more varied financial system can give people more choices, encourage new ideas, and open up new ways for investment and growth.",
  "summary": "For many years, conventional banking has been the dominant model through which individuals and businesses access financial services.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "Non-interest finance is for everyone: IFRIG supports BoG’s inclusive financial agenda",
        "url": "https://urgent.news/2026/09/01/non-interest-finance-is-for-everyone-ifrig-supports-bogs-inclusive",
        "published": "2026-09-01T12:17:41.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}