{"id":229990,"date":"2024-10-11T07:37:11","date_gmt":"2024-10-11T07:37:11","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/11\/ifrig-secures-unanimous-support-for-non-interest-banking-at-ific-2024\/"},"modified":"2024-10-11T07:37:11","modified_gmt":"2024-10-11T07:37:11","slug":"ifrig-secures-unanimous-support-for-non-interest-banking-at-ific-2024","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/11\/ifrig-secures-unanimous-support-for-non-interest-banking-at-ific-2024\/","title":{"rendered":"IFRIG secures unanimous support for non-interest banking at IFIC 2024"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/627\/62721732.295.jpg\" alt=\"Group photo of IFRIG management members with some invited guests after IFIC 2024\" title=\"Group photo of IFRIG management members with some invited guests after IFIC 2024\" width=\"295\" height=\"211\" \/> <span class=\"image_caption\"><span>Group photo of IFRIG management members with some invited guests after IFIC 2024<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">The Islamic Finance Research Institute of Ghana (IFRIG) successfully organized the 2024 edition of its flagship programme, the Islamic Finance International Conference (IFIC) on October 5, 2024.<\/p>\n<p>The event that took place at the Omanye Aba Hall of the Accra Metropolitan Assembly (AMA) was on the theme \u2018Should economies take advantage of non-interest banking?\u2019<\/p>\n<p>At the end of deliberations and a five-member plenary session, it was abundantly clear that the time is now for all stakeholders to team up and work towards the realization of a non-interest banking ecosystem with the aim of diversifying the economy.<\/p>\n<p>Policy, politics and advocacy were identified as the three areas of focus after the deliberations: <\/p>\n<p>a.Policy level \u2013 It is abundantly clear that Ghana\u2019s current banking laws while admitting the need for diversification of the economy needs urgent amendments to allow for the full roll out of non-interest and other emerging banking and finance models. This point was firmly made by Dr Johnson Asiama (former Bank of Ghana deputy governor) and buttressed by Prof. John Gatsi and other panellists.<\/p>\n<p>b.The political reality \u2013 Multiple speakers commended IFRIG for formal presentations made to the manifesto committees of the major political parties ahead of the 2024 polls, this they said was a sure way of influencing policy but that it was important to follow up on deliverables. Mustapha Abdul-Hamid (former Information Minister) stressed the importance of having political assurance and will to drive policy during his address, other speakers weighed in on same.<\/p>\n<p>c.Sustained advocacy \u2013 Despite being in its fifth year, the consensus from participants and experts is that groups like IFRIG and its allies cannot let their guard down relative to advocacy efforts around non-interest finance. It is, however, time to scale up efforts by actively engaging especially Christian clergy specifically and Christian groups and communities generally on the issue \u2013 a point emphasized by Mallam Attahiru Maccido (IFRIG board member) and other speakers. <\/p>\n<p>IFRIG, by this communique wishes to thank all partners, analysts and participants at this year\u2019s event for their time and resources.<\/p>\n<p>The march towards the realization of a non-interest banking industry continues unabated.<\/p>\n<p>At the end, we got a concrete response to our theme \u2018Should economies take advantage of non-interest banking?\u2019 \u2013 a resounding YES.<\/p>\n<p><b> About IFRIG<\/b><\/p>\n<p>IFRIG is first and foremost, a research institution focused on the Islamic Banking and Finance ecosystem in the country and West African subregion.<\/p>\n<p>&#8220;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 \u2013 banking and insurance,&#8221; a post on their website read.<\/p>\n<p>The annual international gathering which started in 2020, has 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.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Group photo of IFRIG management members with some invited guests after IFIC 2024 The Islamic Finance Research Institute of Ghana (IFRIG) successfully organized the 2024 edition of its flagship programme, the Islamic Finance International Conference (IFIC) on October 5, 2024. The event that took place at the Omanye Aba Hall of the Accra Metropolitan Assembly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":229991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-229990","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IFRIG secures unanimous support for non-interest banking at IFIC 2024 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/11\/ifrig-secures-unanimous-support-for-non-interest-banking-at-ific-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFRIG secures unanimous support for non-interest banking at IFIC 2024 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Group photo of IFRIG management members with some invited guests after IFIC 2024 The Islamic Finance Research Institute of Ghana (IFRIG) successfully organized the 2024 edition of its flagship programme, the Islamic Finance International Conference (IFIC) on October 5, 2024. 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