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By Issa Mohammed
Accra, November 7, GNA – The Islamic Finance Research Institute Ghana (IFRIG) has called on religious groups of Abrahamic faiths to collaborate in introducing ethical non-interest-bearing financing in Ghana.
The institute emphasized that the adoption of non-interest financing was essential to creating a fairer and more compassionate financial system that promotes the social and economic well-being of Ghanaian communities.
“Now more than ever is the time for these faith communities to unite in embracing non-interest financing as a model that not only serves economic needs but also upholds the moral principles enshrined in their sacred texts,” said Dr. Shaibu Ali, Director General of IFRIG, in an interview with the Ghana News Agency.
Dr. Ali explained that the three Abrahamic religions – Judaism, Christianity and Islam – share fundamental values of justice, fairness and the prohibition of usury.
He highlighted how these common principles reflect a deep-seated belief that interest-based financial systems lead to inequality and exploitation, particularly impacting the poor.
Dr. Ali urged religious leaders to take the lead in initiating dialogues with stakeholders, including policymakers and financial institutions, to promote a non-interest financial model that was in line with religious principles.
He emphasized that such a model would create a more inclusive and equitable financial system, allowing companies and governments to grow without the burden of rising interest rates.
Dr. Ali pointed out that both the Old Testament and the Quran clearly forbid charging interest, reinforcing the shared ethical position of the three Abrahamic religions.
He quoted from Deuteronomy 23:19-20, which states, “You shall not charge interest on loans to your brother,” underscoring the biblical call for fair and compassionate lending practices.
Dr. Ali also referred to the Qur’an, which explicitly forbids riba (interest), and instead advocated trade and mutual cooperation.
Furthermore, he quoted the Jewish Torah (Exodus 22:25), which states: “If you lend money to any of my people among you who is in need, do not be like a moneylender; do not charge him interest.”
Dr. Ali noted that many developing countries, including Ghana, could have avoided their current debt crisis had they not relied on high-interest loans, which often lead to defaults and economic stagnation.
He pointed out that such interest-based systems often exacerbate the financial burden on countries, especially those already struggling with poverty and underdevelopment.
Dr. Ali advocated the integration of ethical principles for non-interest financing into contemporary economic systems, emphasizing that such an approach would provide practical financial solutions while promoting a more equitable and inclusive economy.
He emphasized that this model would benefit both individuals and nations and promote growth without exploitation or harm.
“It offers financial products such as sukuk (Islamic bonds) and musharakah (joint ventures), which are based on ethical asset-backed investments.
“These systems do not rely on generating profits through interest, but through true trading and partnerships, through which both the lender and the borrower share the risks and rewards of their investments,” he said.
GNA