In the name of God, the compassionate, the merciful.
In my initial response, I clarified that Islamic banking is a financial model, not a religious imposition, and highlighted its economic benefits for Ghana. However, since critics like Dr. Palgrave Boakye-Danquah continue to frame it as a constitutional threat (www.ghanaweb.com/features), a deeper rebuttal is necessary to debunk misconceptions and reaffirm why Ghana stands to gain from this inclusive system.
- Secularism Does Not Mean Exclusion of Faith-Based Financial Systems
Ghana’s secular constitution ensures state neutrality in religious matters, but it does not prohibit private or faith-aligned financial services. Just as Ghana allows Christian-owned banks (e.g., CAL Bank, originally known as Christian Action Life) and ethical investment funds, Islamic banking is simply another market-driven option, not a state-sponsored religious institution. For example, the UK, a secular state, hosts over 20 Islamic banks without compromising its secular identity. The Vatican strongly supports Islamic banking and finance. (http://www.isfin.net/node/509)
Ghana’s Precedent: The Bank of Ghana already regulates microfinance institutions, savings & loans, and ethical investment funds; Islamic banking is just another addition to this diverse financial ecosystem.
- Islamic Banking is Open to All Ghanaians, Not Just Muslims
A key misunderstanding is that Islamic banking is “only for Muslims.” In reality, its ethical principles (no interest, asset-backed financing, risk-sharing & profit sharing) appeal to non-Muslims who prefer ethical banking (e.g., avoiding speculative debt). Also, Businesses seeking alternative funding models (e.g., joint ventures via Mudarabah). Investors are looking for stable, asset-based financial products. In addition, Countries like Kenya and South Africa have non-Muslims actively using Islamic banking, proving its universal appeal.
- The “Religious Fear” Argument Ignores Ghana’s Existing Interfaith Economic Coexistence. If Islamic banking threatens secularism, then should we also ban Christian-owned businesses (e.g., Shepherd Insurance, Catholic Relief Services), Faith-based NGOs (e.g., World Vision, Islamic Relief), and Traditional banking holidays (Christmas, Easter closures)?
Ghana already accommodates religion in the economy without a constitutional crisis. Islamic banking is no different.
- The Real Threat? Financial Exclusion, Not Sharia Law
Ghana’s Muslim population remains underserved by conventional banks due to religious restrictions on interest. Denying them access to Sharia-compliant finance violates their economic rights under a secular system that promises equal opportunity.
Case Study: Nigeria’s Islamic banking sector grew its economy by attracting $2 billion in Sukuk (Islamic bonds) for infrastructure. Ghana’s Loss? Without Islamic banking, Ghana misses out on halal investment from the $3 trillion global Islamic finance market.
- The Bank of Ghana’s Role is Regulatory—Not Theological
The Bank of Ghana is not promoting Islam; it is regulating a financial product, just as it oversees mobile money, forex, and fintech. If Islamic banking succeeds, it will be because of market demand, not state coercion.
In a nutshell, Ghana’s Secularism is Strong Enough for Financial Diversity. Rather than stoking baseless fears, critics should engage in constructive dialogue on how Islamic banking can expand financial inclusion, attract foreign investment, bridge the poverty gap, and stabilize Ghana’s economy through ethical financing. Ghana’s constitution is robust enough to accommodate diverse financial systems, just as it accommodates diverse faiths. The real test of secularism is not exclusion, but equal opportunity for all. And Allah knows best!
YAHAYA ILIASU MUSTAPHA
The writer is the Ghana representative of the Alhuda Centre of Islamic Banking and Economics, Dubai, and an Islamic Banking and Finance patron and advocate in Ghana. He is also the founder of ‘Islamic Finance TV Gh’ on Facebook, TikTok, and YouTube. He holds a BSc. in Islamic banking, economics, and finance from the International Open University a BA. in Political Science from the University of Ghana, and a Diploma in Education from the University of Winneba. We would want to collaborate and partner with any persons or organizations who are willing to explore this field in Ghana and beyond.
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