Kuala Lumpur, June 26, 2026. The University of Darussalam Gontor (UNIDA Gontor), Indonesia, and the Islamic Finance Research Institute of Ghana (IFRIG) formalized a strategic partnership today through the signing of a Memorandum of Understanding. The collaboration is in direct conjunction with the planned establishment of a free-interest bank in Ghana.
The signing was witnessed by Assoc. Prof. Dr. Khoirul Umam, Vice Rector for Student Affairs, Cooperation, and International Relations alongside Prof. Dr. Akhmad Affandi Mahfudz., CPIF a renowned scholar of Islamic finance of UNIDA Gontor.
The formal session also was witnessed by key financial and regulatory institutions, marking a significant step toward strengthening Ghana’s Islamic finance ecosystem through academic, research, and community-driven initiatives.
Under the terms of the MoU, both institutions agreed to cooperate in four core areas:
- Capacity Building: Developing specialized training and human capital programs to equip professionals for the growing Islamic finance sector in Ghana.
- Research Collaboration: Conducting joint research to support product innovation, policy development, and the practical application of Sharia-compliant financial solutions.
- Joint Organization of Seminars: Convening academic and industry seminars, workshops, and conferences to foster knowledge exchange and public awareness.
- Community Development: Implementing outreach and development programs to promote financial inclusion and literacy in line with ethical, interest-free banking principles.
The MoU was signed by Prof. Dr. KH Hamid Fahmi Zarkasyi, M.A., M.Phil, Rector of the University of Darussalam Gontor, and Dr. Shaibu Ali, Director of the Islamic Finance Research Institute of Ghana. Some of key financial players and regulators in Ghana were in the line up of this MoU such as Directors and CEO of Central Bank of Ghana, Securities and Exchange Commission (SEC), National Insurance Commission (NIC), Trustmark Capital Ltd, BAS Group, and Plethoria Trustees (BoG).
“This MoU reflects UNIDA Gontor’s commitment to contributing global expertise in Islamic economics and education to support Ghana’s vision for a robust, ethical financial system,” said Prof. Dr. KH Hamid Fahmi Zarkasyi, M.A., M.Phil Rector of UNIDA Gontor.
“Partnering with a reputable institution like UNIDA Gontor is crucial as we lay the foundation for a free-interest banking model in Ghana. This collaboration will ensure the initiative is academically sound, research-driven, and community-focused,” stated Dr. Shaibu Ali, Director of IFRIG.
Prof. Dr. Akhmad Affandi Mahfudz, CPIF noted, “It has been an honor to witness this partnership and to be part of the UNIDA Gontor delegation. We look forward to building strong academic and community linkages that will support the successful launch of interest-free banking in Ghana.”
The partnership is expected to serve as a catalyst for the development of a skilled workforce and a stronger regulatory and academic framework to support the launch and sustainable growth of interest-free banking services in Ghana.
The University of Darussalam Gontor is a leading Islamic higher education institution in Indonesia, recognized for its integration of modern academic disciplines with Islamic values.
The Islamic Finance Research Institute of Ghana is a dedicated research and capacity-building institution focused on the development and promotion of Islamic finance in Ghana and across West Africa.
