By Dr Abdul Rahman Muntaka Mohammed (PhD) —Kasoa Economist
This write up examines the concern raised around Islamic scholars, Shariah expertise and non-interest banking in Ghana by some individuals. Islamic scholars should be understood as religious and subject-matter experts comparable to Bible scholars or theologians, rather than as threats to public order. It should be noted further that Ghana’s banking environment is regulated, professional appointments must meet governance standards, and public discourse should avoid panic-driven misinformation.
I write in response to some claims that portray Islamic scholars as dangerous or unsuitable for governance roles in financial institutions. It argues that such claims ignore the presence of Islamic scholarship in Ghana and other countries where non-interest banking operates within regulated financial systems. My concern is that misinformation may create unnecessary public anxiety and undermine informed discussion about financial sector development. The following are important to note:
1. Islamic scholars and Bible scholars perform comparable interpretive roles. Islamic scholars are experts in Islamic teachings and practice, while Bible scholars or theologians provide similar interpretation within Christianity. Both groups may contribute to education, ethics, social guidance and institutional understanding.
2. Religious title alone should not be treated as a risk factor. The report finds that no scholar, imam, pastor, bishop or theologian should be judged as a threat merely because of religious affiliation. This concern is only justified where conduct violates law, institutional rules or accepted democratic norms.
3. Non-interest banking exists in many regulated markets. Countries such as Malaysia, Singapore, South Africa, Uganda, Nigeria, United Kingdom, Uganda and Kenya have non-interest banking, capital market and insurance arrangements that include Islamic finance expertise. This demonstrates that such expertise can operate within modern regulatory frameworks.
4. Ghana’s banking sector is subject to regulation and governance controls. The appointment of scholars or professionals to advisory structures does not override banking law, supervisory requirements or fit-and-proper expectations. Institutional roles remain bounded by regulation and mandate.
5. Public communication should avoid panic and misinformation. Statements portraying Islamic scholars as inherently dangerous may mislead the public, weaken social cohesion and distract from substantive questions of competence, integrity and regulatory compliance.
For financial regulators and institutions, the discussion highlights the need for clear public education on non-interest banking, advisory council mandates and the role of religious or technical experts. Poor communication can create reputational risk, regulatory misunderstanding and unnecessary distraction.
For the broader business environment, misinformation may discourage investment, slow product development and undermine confidence in inclusive financial services. A fact-based approach helps stakeholders assess non-interest banking on its merits: governance, compliance, market demand, consumer protection and financial sustainability.
Recommendations
1. Strengthen public education. Regulators and financial institutions should explain non-interest banking in simple language, emphasizing that it operates within Ghana’s legal and supervisory framework.
2. Communicate with governance safeguards. Public statements should clarify the qualifications, responsibilities and limitations of advisory council members, including applicable fit-and-proper standards.
3. Promote religious neutrality in appointments. Professional appointments should be assessed on competence, experience, integrity and compliance with institutional mandates rather than religious identity.
4. Challenge misinformation early. Stakeholders should respond promptly to inaccurate claims with evidence-based communication that protects both public confidence and social cohesion.
Conclusion
I conclude that public concern about Islamic scholars in non-interest banking should be addressed through facts, not panic. Islamic scholars, like Bible scholars and other subject-matter experts, can serve in professional roles when they meet the required standards of competence, integrity and regulatory compliance. Ghana’s financial sector should therefore focus on governance, consumer protection and sound regulation rather than religious stereotyping.
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