Islamic banking has already taken off globally, and Islamic banking and finance is projected to exceed $2.2 trillion of assets by the end of 2015 as the industry extends its reach not only in Muslim Countries but globally as well. Uganda is positioning its self to be the East African leader in Islamic Finance; Uganda is trying to play a pivotal role for the development of Islamic Finance in the region and number of financial institutions and organizations committed to the development of Islamic finance.
The Memorandum of Understanding was signed with the legal Chamber of ICCIAU at Communications House Kampala yesterday. On behalf of AlHuda CIBE Uganda, Mr. Ahmed Abdallah the country head of AlHuda CIBE and Mr. Asuman Mukiibi Serunjogi, the President of Islamic Chamber of Commerce, Uganda signed the agreement to promote Islamic and finance in Uganda. Under the terms of the agreement, AlHuda CIBE shall provide consultancy, advisory, training and capacity building, Shariah advisory, distance learning programs and to procure the projects that require the services of AlHuda CIBE.
Commenting on the MoU, Mr. Ahmed Abdallah said; ”We are delighted to announce this partnership that will provide a significant boost to the development of Islamic finance sector not just in Uganda but to all OIC member countries and beyond. Uganda currently, soon embracing the introduction of Islamic banking and finance activities as the bill is tabled in the parliament. Uganda is already a home to a number of independent Organizations and financial institutions all committed to the development of the sector. AlHuda CIBE’s expertise in Islamic finance has enabled the centre to boast as one of the most highly advisory services in the global Islamic finance industry. As a result of this agreement, it will further reinforce Uganda’s status at gearing for the growth of financial and knowledge hub for the Islamic finance Industry in the East African Region”.
Muhammad Zubair Mughal, the Chief Executive Officer , AlHuda Center of Islamic Banking and Economics congratulate AlHuda CIBE Uganda’s team for advancing in East African countries for the development of Islamic Finance and Banking, he said, this agreement will leads many new avenues for Islamic Banking and Finance in the region as Uganda have big potential to attract foreign Direct Investment ( FDI ) for Islamic Banking and Finance which will not only strengthened the Islamic banking Finance industry but also boost the economic activities in the country through new employment generation, improvement of business standards and development different Islamic financial instruments etc. He also said Sukuk can play a pivotal role in Government infrastructural and development sector meanwhile Islamic Microfinance can be utilize for poverty alleviation and social development in the country.
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