Ghana’s largest local bank, GCB Bank, is preparing to launch a Sharia-compliant banking “window” to offer non-interest financial products, the bank announced on Monday, February 16, 2026.
The initiative comes as part of a broader effort to diversify Ghana’s financial sector and respond to rising demand for ethical, risk-sharing banking products in line with Islamic finance principles, which prohibit interest and rely on asset-backed structures.
GCB Bank is working in partnership with the International Islamic Financial Market (IIFM) to structure the new window, according to Professor Joshua Alabi, the bank’s board chairman. The partnership aims to provide internationally recognized product models, standardized contracts, and robust internal compliance frameworks to ensure Sharia adherence.
“The goal is to provide a range of non-interest financial products that meet global standards while serving the needs of our customers,” Professor Alabi said. “This project aligns with the bank’s strategy to promote innovation, create shareholder value, and support national economic development.”
Islamic finance instruments, including sukuk (Islamic bonds), have gained traction across West Africa, offering alternatives to conventional interest-based banking. Ghanaian authorities have indicated plans to regulate and expand non-interest financial services, providing a supportive environment for the launch.
Through the new Sharia-compliant window, GCB Bank will provide financing solutions for individuals and businesses seeking ethical banking products, tapping into a segment of the market that remains largely underserved.
The move reflects growing interest in Islamic finance globally, which has expanded rapidly in recent years as clients seek participatory, asset-backed financial solutions. Experts say Ghana’s adoption of Islamic banking could strengthen financial inclusion, particularly for small and medium enterprises, and attract investment from both local and international stakeholders.
Background to Islamic Banking in West Africa
GCB Bank joins a regional trend, with several West African countries already offering Islamic financial products to diversify their banking sectors and broaden customer options. By establishing a dedicated window, the bank aims to capitalize on this opportunity while adhering to both national regulations and international best practices.
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Islamic finance, which prohibits interest and emphasizes risk-sharing and asset-backed transactions, has been growing rapidly in West Africa. Countries such as Nigeria, Senegal, and Côte d’Ivoire have introduced Sharia-compliant banking products and sukuk (Islamic bonds), creating new avenues for financial inclusion and investment.
In Ghana, the Bank of Ghana has signaled support for non-interest banking services, aiming to diversify the financial system and broaden access to ethical finance. Market analysts note that while demand for Sharia-compliant products exists, the sector remains largely underserved, presenting opportunities for local banks.
GCB Bank, Ghana’s largest indigenous lender, plans to tap this potential by establishing a dedicated Sharia-compliant “window” in partnership with the International Islamic Financial Market (IIFM). The initiative will provide standardized, internationally recognized non-interest financial products for individuals and businesses, complementing conventional banking services.
Islamic finance is seen as a tool to promote financial inclusion, ethical investment, and economic diversification, particularly for small and medium enterprises. Regional experience suggests that the adoption of Sharia-compliant instruments can also attract foreign capital and strengthen financial sector resilience.
