Bank of Ghana appoints Nigerian Islamic scholar to chair Non-Interest Financial Advisory Council
Accra: The Bank of Ghana has appointed Professor Bashir Aliyu Umar, a senior Nigerian cleric, to chair the country’s Non-Interest Financial Advisory Council (NIFAC).
NIFAC shall serve as the Bank of Ghana’s advisory council on the governance of non-interest banking and finance and is mandated to advise the Bank of Ghana on matters relating to the regulation and supervision of non-interest banking institutions in Ghana.
The Council will also provide advisory support to the Securities and Exchange Commission and the National Insurance Commission as the non-interest-bearing finance ecosystem evolves until such a time that all the regulatory institutions have their own advisory councils.
Professor Umar has held several positions in the field of Islamic finance including serving as chairman of the Shari’ah Advisory Committee of Stanbic IBTC Bank, consultant on Islamic Finance to the Financial System Strategy (FSS 2020) of the CBN and later as Special Adviser on Non-Interest Banking to the Central Bank of Nigeria (CBN).
He currently sits on the Financial Regulation Advisory Council of Experts (FRACE) of the CBN as the Deputy Chairman and is a member of the Takaful Advisory Council of Experts of the National Insurance Commission of Nigeria.
Dr. Bashir is also a member of the Council of Scholars of the International Shariah Research Academy (ISRA) of Bank Negara Malaysia and was recently appointed a member of the Shari’ah Board of the Islamic Development Bank Group, Jeddah.
In October 2024 he was appointed a member of the reconstituted Shari’ah Board of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) for the 2024-2028 term.
Other members of the council are Dr Yussuf Adany Al-Badani, Dr George Baah-Danquah, Adishetu Hamidu Naabo and Samuel Gameli Gadzo.
Speaking at an inauguration ceremony, the governor of the bank, Dr Johnson Pandit Asiama, said the work of the council will not displace the supervisory, enforcement or regulatory authority of the Bank of Ghana or the respective sector regulators.
“You will be required to assess new products, interpret principles in changing market conditions and balance innovation with consumer protection and financial stability.
“Your duty is to the integrity of the framework, the soundness of the financial system and the public interest,” he said.
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