By; Olivia Nabaggala
14th May 2021
Muslim clerics in the Busoga sub-region have tasked the government to quicken the operationalization of Islamic banking.
They argue that it will empower impoverished Muslims to easily start-up business enterprises of their own.
Islamic banking is provided for in the financial institution’s amendment Act of 2016 however, its’ operationalization is yet to be realized within the country.
In her address to the Muslim community during their Iftar dinner on 16th, April 2021, the Speaker of Parliament, Rebecca Kadaga pledged to expedite the formation of the central Sharia advisory committee, which would quickly facilitate the operationalization of Islamic banking in Uganda.
While addressing journalists today, the Busoga Muslim regional Khadhi, Hussein Bowa, said that some of the terms in the circular banks warrant borrowers to pay high interest rates, which has partly deterred small business owners from accessing their much-desired credit facilities in fear of the repercussions.