Accra: Bright Simons, Vice President of policy think tank IMANI Africa, has described as “regulatory confusion” the Bank of Ghana’s (BoG) attempt to prohibit Non-Interest Banking Institutions (NIBIs) from using names, symbols, or expressions with religious connotations.

He argued that the proposed restriction could undermine the sector, particularly because non-interest banking, commonly known as Islamic banking has historically relied on religious differentiation to establish credibility and attract customers.

According to Mr Simons, NIBI operators can only regain meaningful footing in the financial market by leveraging their religious identity to appeal to customers whose financial decisions are shaped by ethical and identity-based considerations.

“The only way for NIBI operators to regain some footing in the financial market is to draw strongly on their religious differentiation by targeting customers who make decisions based on certain ethical and identity drivers,” he noted.

In a published opinion article titled, “Is Bank of Ghana’s “Islamic Banking” Rebrand too clever by half?”, he explained that trust and identity remain central to Islamic banking.

“Islamic banking relies heavily on trust and identity. The target demographic (the pious unbanked) needs assurance that the bank is not merely a conventional bank disguised as a charity.

“They look for signifiers like ‘Islamic’, ‘Shariah’, or symbols like the crescent or specific calligraphic styles. By banning these, the BoG raises the information asymmetry costs for consumers,” he said.

Mr Simons also recalled earlier failed attempts to introduce Islamic banking in Ghana, which he attributed to weak implementation.

“Under the Wampah administration, a group of Saudi investors was licensed to set up Makkah Bank. After much huffing and puffing, the endeavour came to nought, and the licence was pulled in 2016.

“We have also had Islamic microfinance banks like Salam and GMIF try to penetrate and fail. A country with a national learning tradition would draw on all these lessons,” he wrote.

The Bank of Ghana, in the exposure draft of the Guideline for the Regulation and Supervision of Non-Interest Banking released on December 9, 2025, stated that “the registered or licensed name of a NIBI shall not have any religious connotation, symbol or any other related expression or derivation, as may be determined by the Bank.”

The Central Bank added that “this rule must also be strictly followed in all marketing materials.”

The guideline sets out the regulatory and supervisory framework for the introduction and operation of Non-Interest Banking (NIB) in Ghana. It aims to support economic growth, deepen financial inclusion, promote sustainable development, and create new jobs, in line with the Bank’s objectives of price stability, financial stability, and economic development.

The draft guideline further states that “There shall be no discrimination based on faith, ethnicity, gender, or any other grounds in the participation of individuals or institutions, as promoters, shareholders, depositors, employees, customers, or other relevant parties, in any transaction involving NIBIs.”

The Exposure Draft is made available on the Bank’s website for a period of not less than fourteen (14) days from the date of publication. The bank directs that all comments should be sent to the Bank on or before December 24, 2025.