• GCB Bank plans to launch a Sharia-compliant banking window in partnership with IIFM.
• The move aims to offer non-interest financial products based on international standards.
• Ghana’s authorities are working to expand non-interest banking services.

GCB Bank, Ghana’s largest local bank, is preparing to expand into Islamic finance as part of efforts to diversify the country’s financial sector.

The bank has opened discussions with the International Islamic Financial Market (IIFM) to launch a dedicated Islamic finance “window,” offering banking services that comply with Sharia principles.

According to board chairman Professor Joshua Alabi, the goal is to structure a range of non-interest financial products aligned with international standards.

Islamic finance prohibits interest and relies instead on risk-sharing mechanisms backed by real assets. It attracts clients seeking products viewed as more ethical or consistent with religious principles. In West Africa, several countries have already introduced such instruments, including through sukuk issuances, or Islamic bonds.

Through this initiative, GCB Bank aims to address local demand that remains largely untapped. The partnership with IIFM is expected to support the use of standardized contracts and internationally recognized product models, while strengthening internal compliance frameworks.

In Ghana, monetary authorities have recently signaled their intention to regulate and expand non-interest banking services as part of a broader strategy to diversify the financial system.

GCB Bank said the new Islamic window will provide financing alternatives for individuals and businesses seeking ethical and participatory products beyond conventional interest-based models.

Professor Alabi added that the project aligns with the bank’s broader strategy to promote innovation, create shareholder value and support national economic development.