Islamic finance organization engages with leaders of Securities and Exchange Commission

The Islamic Finance Research Institute of Ghana (IFRIG) recently engaged in a significant discussion with Ghana’s Securities and Exchange Commission (SEC) at a meeting on April 30, 2025, held at the SEC headquarters. This strategic engagement aimed to delve into the realm of Non-Interest Capital Market Regulation, known as Islamic Finance.

During the session, Mallam Attahiru Maccido from Nigeria, representing IFRIG, presented on ‘Toward Non-Interest Capital Market Regulation.’ Maccido shed light on Nigeria’s successful journey in nurturing and expanding non-interest finance portfolios within the capital market. Additionally, he delved into the nuances of the non-interest capital market ecosystem, with a particular focus on the legal and regulatory framework necessary to support Ghana in this endeavor.

Furthermore, Prof John Gatsi, the Dean of the Business School at the University of Cape Coast (UCC), tackled various aspects related to the introduction of non-interest finance and capital market instruments. He addressed critical areas such as the technical roadmap for implementation, regulatory challenges, capacity building requirements, and the importance of fostering collaborations within the sector. Gatsi emphasized the crucial role of non-interest banking and finance in enhancing government development finance options and expanding financial inclusion opportunities for stakeholders.

In response to these presentations, James Klutse Avedzi, the SEC boss, highlighted the significance of this engagement in fostering stakeholder collaboration to build a more encompassing and diversified capital market in Ghana. He expressed gratitude towards IFRIG for their participation and pledged to work towards tangible outcomes in the near future.

This dialogue aligns with recent statements by H.E. John Dramani Mahama, underscoring Ghana’s commitment to leveraging Islamic Finance for inclusive and sustainable economic progress. Islamic Finance, operating under Shariah principles, emphasizes ethical, equitable, and interest-free financial transactions, offering avenues for enhanced financial inclusion and diversified investment opportunities.

The National Democratic Congress (NDC) government has made clear commitments to Islamic Finance, emphasizing its importance in their 2024 election manifesto. President Mahama, who assumed office on January 7, 2025, has reiterated the government’s dedication to realizing non-interest banking on multiple occasions since taking office. These efforts underscore Ghana’s openness to embracing the potential of Islamic Finance to drive economic growth and financial inclusivity in the country.