IFIC 2022: Islamic Finance experts make strong case for ethical finance

The Islamic Finance Research Institute, Ghana (IFRIG); has emphasized the need for the adoption of ethical finance as a route to boosting government’s financial inclusion drive.

The call was unanimously made by speakers at the 2022 edition of IFRIG’s annual Islamic Finance International Conference (IFIC).

The event which took place on December 4 at the Ghana National Association of Teachers, GNAT, Hall in Accra brought together ethical finance experts from within and outside Ghana to engage enthusiasts and other stakeholders of the ethical finance ecosystem.

Some of the speakers included: Prof. John Gatsi of the School of Business, UCC, Justice Abdulai Esq. and Dr. Bashir Aliyu Umar and Alhaji Attahiru Maccido from Nigeria.

The theme for the programme was: "Strengthening Financial Inclusion through Ethical Financing."

Prof Gatsi in his presentation titled: ‘Using Ethical Finance to achieve the Sustainable Development Goals,’ stressed that financial inclusion remained an area that government needed to pay more attention to if a number of SDGs can be achieved by their due date.

He also stressed the role that ethical finance at the individual and the state level could boost the area of financial inclusion.

For his part, Justice Abdulai presented a review of the legal position on non-interest banking and tasked Muslims seeking to enter that area to be wary of patrons who may cause them to compromise on banking ethics and eventually land them in trouble.

IFIC has over the past three years, pooled together experts from Ghana, the West African subregion and beyond to continue sharing perspectives on the importance of non-interest banking and finance for the wider socio-economic good of Ghana specifically and the global economy.

According to Shaibu Ali (PhD), director of the institute, IFRIG will continue to build on the successes of the last two editions to continue its advocacy and practical steps towards the establishment of ethical finance in Ghana.

After his presentation about the progress of IFRIG since its inception, Ali formally launched Urban Capital, a microfinance outfit that IFRIG is in the process of operationalizing as part of its plan of action for 2023 and beyond.

About IFRIG

IFRIG is first and foremost, a research institution focused on the Islamic Banking and Finance ecosystem in the country and across the continent.

"Our efforts currently pivoted in the area of research, advocacy and capacity building has the medium to long term aspirations of leveraging on research to usher Ghana into an incremental adaptation of Islamic finance – banking and insurance," a post on their website read.



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