Islamic finance an opportunity for Ugandans, finance minister

The Parliament of Uganda passed the Islamic banking regulation in 2016, however it has been delayed by the requirement to set up the Shari’ah Advisory Board in the central bank.


The finance minister expects the zero-interest system in Islamic Banking to attract a good number of Ugandan entrepreneurs, reported local daily, The Independent.

Matia Kasaija, Uganda’s Minister of Finance, Planning and Economic Development said that following a benchmark they carried out in areas where Islamic banking is being implemented, the system is working efficiently and Uganda could use this too.

Ugandans could benefit especially from the fact that Islamic banking does not charge interest in their borrowing, adding that in the Islamic banking, Ugandans will be able to share profits, Kasaija said.

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