Accra: The Islamic Finance Research Institute of Ghana (IFRIG), a research and policy think tank, says it supports the decision of the Bank of Ghana to prohibit the use of religious names or symbols in the branding and marketing of Non-Interest Banking (NIB).

According to the organisation, the target demographics of NIB, also referred to as Islamic banking, were not only Muslims; hence, the need to promote inclusivity and avoid confusion.

“By focusing on the underlying principles of non-interest banking, rather than religious symbols, the industry can grow and develop in a way that benefits all stakeholders.

“The absence of explicit religious symbols or terminology does not necessarily hinder the ability of these banks to attract customers seeking non-interest financial services. Instead, it allows them to focus on providing high-quality financial services that appeal to a broader customer base,” IFRIG noted in an article.

The article, titled “A Structured Response to Bright Simons’ Article on the ‘Guideline for the Regulation and Supervision of Non-Interest Banking, 2025 Exposure Draft’”, was meant to address some concerns raised by the IMANI Africa Vice President, Bright Simons, after the BoG released an exposure draft on guidelines for NIB.

Some issues raised by Simons included rebranding Islamic banking to non-interest banking; adhering to Islamic-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards; banning religious symbols; and the preparedness of the court to adjudicate NIB matters, among others.

In its response to concerns raised, IFRIG indicated that the rebranding was a result of stakeholder engagement with leading Muslim and Christian organisations in the country, which recognised that the name “Islamic Banking” might inadvertently exclude non-Muslims.

“The stakeholders agreed that the principles of Islamic banking, which promote financial inclusion and economic growth, are beneficial to all citizens, regardless of their faith,” IFRIG said.

It observed that the concern that the definitions in the draft guidelines are legally unmoored overlooks the flexibility already embedded in Ghana’s existing banking framework.

It added that “Ghana does not require a separate “Islamic Banking Act” to accommodate non-interest banking. The Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), expressly recognises non-interest banking as a permissible banking activity under section 18(1)(r), placing it firmly within Ghanaian statutory law.”

It also explained that the AAOIFI standards are accounting, auditing, and governance benchmarks, not binding legal rules, and they function in much the same way as International Financial Reporting Standards (IFRS), which Ghana already applies without controversy.