The Muslim Community in Uganda is asked to embrace Islamic Banking not just for economic but spiritual growth as well.
Six months after the cabinet approved the amended Financial Institutions Act 2015, paving the way for the introduction of Islamic and Agency banking in Uganda, the uptake of the service is still low.According to Imam Idi Kasozi the head of the Uganda Muslim Youth Assembly, the concept of Islamic Banking is not yet well understood even among the Muslims.
He points out some of the key principals which include; trust, care for others, sacrifice and productive effort as a means of serving God that need further elaboration for the believers to comprehend.
He also explains the 2.5% of one’s total income that the prophet Muhammed commanded Muslims to pay under Islamic baking. Imam Kasozi says this is used to help the needy.
Story By Catherine Ageno