Non-interest banking is for everyone, says Bank of Ghana Governor Asiama

Non-interest banking is an inclusive financial model intended to serve people from all backgrounds, the Governor of the Bank of Ghana, Dr Asiama, has said.

He said the system was not designed for one particular religious or social group, but was based on ethical and mutually beneficial financial arrangements that promote fairness, transparency and sustainable economic growth.

Dr Asiama made the comments in a statement read on his behalf by Professor John Gatsi at the 5th Non-Interest Finance International Conference organised by the Islamic Finance Research Institute Ghana in Accra on Saturday, November 7.

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The conference examined the question: “Does Non-Interest Banking Belong to a Particular Group?”

In his statement, Dr Asiama said: “It is a great pleasure and honour to accept your invitation to serve as the Special Guest of Honour at the 5th IFRIG International Conference.

“The theme of this conference, ‘Does Non-Interest Banking Belong to a Particular Group?’, raises an important question. Put differently, does non-interest banking favour only a specific group of people?

“The answer is clearly no. Non-interest banking is an inclusive banking model that serves customers without discrimination based on religion, ethnicity, culture, or any other social consideration.”

He added that the model appealed to customers who shared an interest in ethical finance, regardless of their background.

“As a bank, we have been actively associated with the practice and development of non-interest banking across several jurisdictions, including Kenya, Nigeria, Malaysia, South Africa, and the United Kingdom, among others,” he said.

“Our experience in these markets demonstrates that non-interest banking appeals to a diverse customer base and provides viable financial solutions for individuals and businesses from all walks of life.”

Dr Asiama said non-interest banking was often misunderstood and was frequently linked exclusively to a particular religious group.

He said conferences such as the one in Accra were important because they helped explain the system’s principles, products and benefits to participants and the wider public.

He said the discussions also highlighted the socio-economic characteristics of non-interest banking, its asset-backed framework and its risk-sharing principles.

“Since I took the decision to operationalise the provisions from the Banks and Specialised Deposit Taking Institutions Act, 2016 (ACT 930), particularly in section 18(1)(r), we continuously emphasise that non-interest banking is part of the global financial system,” Dr Asiama said.

He described it as a commercial banking model in which interest is neither paid nor received.