Wednesday, May 14, 2014

Cabinet finally approves introduction of Islamic banking in Uganda


IFN Asia Forum 2014
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Wednesday 14th May 2014
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UGANDA: After years of ongoing discussions at parliamentary level, Uganda’s cabinet of ministers has finally approved the introduction of Islamic finance in the republic. The government is reported to soon approve three laws within the Financial Institution Amendment Act.

Maria Kiwanuka, the Ugandan finance minister, has urged all parties who are in favor of introducing Islamic banking in the country to persuade their respective members of parliament (MP) to pass the Islamic Banking Bill 2014 into law. “What I can say is the cabinet has agreed to allow this kind of banking. It was forwarded to the parliament committee responsible and if the MPs pass the bill into law then we shall roll out,” she said.

In furtherance to the introduction of Islamic banking, the Ministry of Finance also heeded the lack of trained and skilled professionals as a challenge that could impede the implementation of Shariah compliant banking in the republic. Industry players have also expressed their caution in this regard due to the foothold of conventional banking as well as the lower economic power held by Ugandan Muslims.

Nonetheless, the prospects remain relatively promising with a 12% Muslim population or approximately three million people. The government is working together with the Islamic Chamber of Commerce, Industry and Agriculture to introduce Islamic finance in the country. Should the legislation allowing Islamic banking be passed, Uganda will join its African counterparts such as Nigeria and Kenya in offering Shariah compliant financial products in the region. Uganda will also be afforded opportunities in the areas of mining, oil and gas, agro-industries, export and import trade, science and technology as well as agriculture.


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