Ugandan President Yoweri Museveni on Wednesday formally launched nationwide operations of the nation’s first interest-free industrial Islamic financial institution, permitting it to function following Islamic ideas.
Museveni mentioned on the launch ceremony for the Salaam Bank within the capital Kampala that Islamic banking has the potential to considerably contribute to the event of Uganda’s monetary sector and entice extra Muslims to put money into the nation’s financial system.
The authorities doesn’t imagine in discrimination and treats all Ugandans equally, no matter faith or tribe, he mentioned, including that this attribution has allowed the nation to develop socially and economically.
“I encourage you to battle poverty and create wealth,” he remarked.
“Some individuals had been initially against the institution of Uganda’s Islamic University. I mentioned no, let it function. It has now produced a lot of graduates in varied professions, together with non-Muslims.
“When they told me about Islamic banking, I told them I had no problem with it. I said we should let them operate and that is why we have Salaam Bank now,” he defined.
In September final yr, the Bank of Uganda granted its first Islamic banking license to Salaam Bank Uganda, a subsidiary of a Djibouti-based financial institution after parliament handed laws authorizing Islamic banking, which Museveni signed into legislation.
Sheikh Erias Kigozi, a Ugandan cleric from the Wakiso district of central Uganda, who spoke on behalf of Muslims on the financial institution’s launch, thanked the Ugandan for being an excellent chief who cared about Muslims and made it doable for them to have a banking system primarily based on Islamic ideas.
Djibouti’s Foreign Minister Mahmoud Ali Youssouf, for his half, additionally prolonged heat greetings to Museveni on behalf of his nation’s President Ismail Omar Guelleh.
He underscored the inspiring ambition of the Salaam Group to broaden the scope of its actions all around the continent, together with Uganda, which he mentioned has a secure and stable monetary establishment.
On the event, Salaam Bank Chairperson Ibrahim M. Abdirahman mentioned the inhabitants, together with non-Muslims, has embraced Islamic banking due to its values.
According to S&P Global Ratings, the worldwide Islamic finance business is anticipated to develop by round 10% in 2023-2024, regardless of the financial slowdown, following an analogous enlargement in 2022.
Source: www.dailysabah.com
