Finance experts call for calm over Non-Interest Banking debate …Stakeholders urged to prioritize governance and legal oversight over religious stereotyping

By Adnan Adams Mohammed

Financial analysts and religious scholars are calling for fact-based public engagement following rising debate over the inclusion of Islamic scholars in non-interest banking frameworks.

Stakeholders argue that framing religious expertise as a threat misrepresents standard regulatory procedures and risks undermining social cohesion.

Non-interest banking operates under rigorous oversight across several global jurisdictions, including the United Kingdom, Malaysia, South Africa, and Kenya. In these markets, experts in Islamic jurisprudence provide technical advisory support without superseding central bank governance.

Clarifying Technical Roles

Comparative religion experts emphasize that the role of an Islamic scholar in finance is analytical rather than political, drawing parallels to Christian theologians working in ethics.

“Islamic scholars and Bible scholars perform strictly comparable interpretive roles,” stated Dr. Ibrahim Mensah, a senior lecturer in religious studies. “A religious title alone should never be treated as a risk factor. Evaluation must depend on professional conduct, adherence to the law, and institutional governance.”

In regulated financial systems, advisory board members do not bypass supervisory requirements. Ghana’s banking regulatory framework mandates that all governance appointments satisfy strict “fit-and-proper” standards set by the central bank.

“The appointment of any technical expert or advisory board member does not override national banking law,” noted financial analyst Elizabeth Kwarteng. “Institutional roles remain strictly bounded by regulatory mandates. Misinformation creates unnecessary public anxiety and distracts from substantive questions of market demand and risk management.”

Key Recommendations for Stakeholders

To protect market confidence and prevent reputational damage, industry observers advise a proactive response from regulators and institutions:

● Strengthen Public Education: Regulators must clearly explain non-interest financial products to demystify operations under existing supervisory frameworks.

● Emphasize Governance Safeguards: Public communications should highlight the specific qualifications, limits, and vetting procedures required for advisory members.

● Maintain Neutrality in Hiring: Professional appointments must evaluate competence, integrity, and regulatory compliance rather than religious affiliation.

● Counter Misinformation Early: Financial bodies should promptly address inaccurate assertions using evidence-backed facts to preserve social cohesion.

Sustained growth in inclusive financial services relies on objective evaluation. Focusing on governance, consumer protection, and financial viability ensures the banking sector remains stable, competitive, and secure.