Non-Interest Banking: A true Christian way of banking

The Bank of Ghana released THE GUIDELINE FOR THE REGULATION AND SUPERVISION OF NON-INTEREST BANKING IN GHANA on the 13th of January 2026. Consequently, and after various engagements with stakeholders and the general public, the Bank of Ghana inaugurated the Non- Interest Financial Advisory Council (NIFAC) on August, 18, 2026.

The Bank of Ghana promises that, by the close of the year 2026, the first Non-interest Banking License will be issued.

However, some issues have emerged with regard to concerns about Non- Interest Banking being a cunning, subtle and calculated attempt to promote shariah regulated Islamic Banking in a rather more Christian; albeit secular; country like Ghana. In addressing such concerns, the Bank of Ghana has been consistent in explaining that, Non-interest banking is not to be and will not be used as a vehicle to promote one religion over the other.

Noteworthy, to have helped dispel the seemingly unfortunate religious biases echoed by some skeptics with regards to the implementation of Non-interest banking in Ghana, the Bank of Ghana prior to the release of THE GUIDELINE FOR THE REGULATION OF NON-INTEREST BANKING, extensively engaged and solicited counsel from bodies like the Christian Council of Ghana, the Ghana Pentecostal and Charismatic Council, the Catholic Bishops Conference of Ghana; just to mention a few prominent ones.

It is a fact that in some jurisdictions, Non-interest banking is classified as Islamic banking. Others refer to it as ethical banking or alternative banking.

This article seeks to explain in a very fundamental way why Non- interest banking is actually the true way of Christian banking, though it is termed Islamic banking in predominantly Islamic jurisdictions.

To achieve this goal, this article first explains what Non-interest banking is. Second, there is an outline of what the Bible says about Non-interest banking and also points out some of the benefits of Non-interest banking to an economy. The article finally concludes by pointing out why Non-interest banking is as Christian as it is Islamic.

• WHAT IS NON-INTEREST BANKING?
  Just as the term “Non-interest” in Non-interest banking suggests, Non- interest Banking is simply the provision of financial intermediation services through partnerships, trading, agency, and leasing without exacting interest.
  The primary difference between the Conventional form of banking and Non-interest banking is this: Conventional banks primarily earn returns by receiving interest-income.

Non-interest banks earn income either through partnership or trade profit, agency fees, or rent income without charging interest.
Non-interest banking is also termed ethical banking because it is a system that emphasizes the need to financially support ethical businesses whiles prohibiting the financial support for businesses whose activities are inimical to the moral fiber of society (alcoholism, pornography, gambling etc).

Conventional banking generally emphasizes return on Investments rather than morality.

• WHAT DOES THE BIBLE SAY ABOUT NON- INTEREST BANKING (LENDING MONEY WITHOUT INTEREST OR USURY)?
  Another word synonymous to interest in the Bible is the word usury.
  On the subject of usury, it is apt to permit the Bible to speak for itself by quoting some of its books, chapters and verses.
• "If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury." Exodus 22:25 KJV
• "Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of anything that is lent upon usury:" Deuteronomy 23:19 KJV
• "Take thou no usury of him, or increase: but fear thy God; that thy brother may live with thee." "Thou shalt not give him thy money upon usury, nor lend him thy victuals for increase." Leviticus 25:36-37 KJV
• "He that putteth not out his money to usury, nor taketh reward against the innocent. He that doeth these things shall never be moved." Psalms 15:5 KJV
• "He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor." Proverbs 28:8 KJV
• "He that hath not given forth upon usury, neither hath taken any increase, that hath withdrawn his hand from iniquity, hath executed true judgment between man and man,"
  "Hath walked in my statutes, and hath kept my judgments, to deal truly; he is just, he shall surely live, saith the Lord GOD." Ezekiel 18 8-9 KJV
  The above quotes are a few out of the numerous times the issue of lending for usury is referenced in the Holy Scriptures as an act that is generally not permissible.

However, one might be quick to point out that all the quotes above with regards to usury are from the Old Testament and might have been possibly disannulled by teachings or writings of Jesus Christ and his Apostles in the New Testament.
Absolutely not. In fact, Jesus Christ, our Lord and Saviour, explained the advantages of trading with money (asset-backed banking) as compared to simply putting up money for usury. Historically, the nation of Israel in the time of Jesus Christ and his Apostles was under the rule of the Romans.

Therefore, one would not be wrong to say that the Roman system of banking and exchange existed alongside that which God had instructed the children of Israel to practice.

While the nation of Israel would have been taught to lend money without usury amongst themselves and may even do same to strangers (Gentiles), in the Roman system, lending money with usury was the norm.

The Gospel of Matthew Chapter 25 from verse 14 through to the verse 27, has Jesus Christ using a parable to teach that it was far more rewarding to trade with talents (money) than doing absolutely nothing with money in a person’s possession. Jesus Christ in this parable teaches that just investing money for usury; a parallel system of finance; is the least one could do but less beneficial than the use of money for the purposes of trading. This parable is known as the parable of the talents in Christendom.

This philosophy of Jesus Christ based on scripture, forms very sound basis for Non-interest banking as it is the form of banking that places emphasis on trading, partnerships, agency and leasing for profit in an economy.

WHAT ARE SOME OF THE BENEFITS OF NON-INTEREST BANKING?

• Carefully reading the old testament’s stance on lending without usury makes it clear that this method of lending aids in the alleviation of poverty. This is because lending money to the poor without usury affords them the opportunity of not being burdened with paying back the money with interest. Rather, profit is gained from partnerships, trading, leasing or agency through the proportionate sharing of returns and risks. Poor and developing nations are in a vicious cycle of poverty because they mostly have to pay back loans with huge compounded interests. With the introduction of Non-interest banking, Ghana as a nation will be afforded the opportunity to attract resources without the burden of paying huge interests.
• The example of the parable of the talents by Jesus Christ shows us that the use of money as medium of exchange for trading , partnerships, agency and leasing for profit has the very realistic potential of making our nation much more prosperous. This is because Non-interest banks will lend money based on real engagements of factors of production in the economy and not simply invest most of their resources in interest-bearing financial instruments of Governments.
• Interest is simply the cost of borrowing money. Hence, interest rates have a very direct impact on the prices of goods and services that are procured by borrowed money. Ghana is very expensive for a fact because of sustained high interest rates for most parts of the past three decades. With Non-interest banking as an alternative in Ghana, there is the real propensity of a sustained reduction in interest rates with its consequential effect on the reduction in the prices of goods and services. With the reduction in interest rates, standard of living doubtlessly will be improved.
• Finally, at the risk of sounding less intellectual but more spiritual (which to me is more important), Non-interest banking will afford Ghana the opportunity to have access to the blessings of God our creator without which no nation can prosper sustainably. The more we have policies that align with scripture as a nation, the more blessed we would become.

Conclusion
Why then do people refer to non- interest banking as Islamic banking when it is actually equally or perhaps more Christian?
This is simply because Islamic nations have over the years adopted principles (Mudarabah, Musharakah, Murabahah, Ijarah etc) that align with Non-interest banking to grow their economies.
Interestingly, the principles of Non-interest banking have had more historical roots in the writings of the Bible way before the advent of Islam. In fact, Non-interest banking is as Biblical or “Christocentric” as it is Islamic and I humbly call on all Bible believing people to whole-heartedly welcome and embrace its implementation in Ghana.

Plausible commendation should must go to The Governor of the Bank of Ghana; Dr. Johnson Asiamah and his advisor on Non- interest banking; Professor John Gatsi for their hard work in this regard.
Oh, and as I was typing out my thoughts for this article, I noticed that the Securities and Exchange Commission of Ghana released the SECURITIES INDUSTRY (SUKUK ISSUANCE) GUIDELINES 2026 on the 2nd of September. There will be more writings on Sukuk issuances and other aspects of Non-Interest banking later on but for now I end here by saying:
GOD BLESS OUR HOMELAND GHANA.

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.