ISLAMIC BANKING: Congratulations to all Muslims and Ugandans upon this achievement

By Wasswa Omar Muhamad

Thank you Parliament of Uganda, thank you Bank of Uganda, the Ministry of Finance, Planning and Economic Development and the entire Government, Cabinet of the Republic of Uganda led by H.E Gen. YK Museveni for ushering in this Policy.

The Bank of Uganda takes an exceptional point because since 2009, it has been engaging relevant authorities about introducing this initiative in Uganda.

If you didn’t know why many Muslims were just wondering and pondering with their lives and many ending up in prisons of flamsy cases at times, this was the root cause of their poverty.

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All brilliant government development programs that has issues to do with interest was and is a taboo and it tantamount opening a head on WAR with Allah. So, some Muslims could participate in interest based programs but remain cautious, reserved and shy to speak about.

Meaning that the over 14million Muslims in Uganda actually have not been actively supporting government programs which attract interests of whatever level.

After decades of this agony and poverty, many Muslims will finally have a fresh wind of relief although many had lost their self esteem, passion and energy to work under such a painful fiscal policy of our Country.

This urgently calls for all commercial banks to pull together the resources and embark on training and sensitisation drives to attract this population into their banks so that they can competitively stay in the business. Be aware that Muslims are going to run up and down looking for an “Islamic Banking window in your Bank”.

So you will need sophisticated customer care service providers at all you banks to handle the urgent needs of Muslims who will begin flooding your banks for money.

The issue of TRUST which is at the centre of Islamic Banking system should be worked on with care. The care will only come upon with how much time is the bank willing to support the business of the client until it picks up and returns are made.

Many Muslims in rural areas and in urban centers do not have land titles, but they need money to participate in the money economy, so banks will have to be creative in the Ugandan context, but also borrow ideas/ best practices from Muslim Countries on how to serve the weakest in society.

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TIME IS NOW: All Muslims Tycoons/rich people can help the community by joining and pulling resources together to Salaam Islamic Bank by buying off the shares so as to fast track it’s strength and growth across the Country other than everyone opening his/small bank that might weaken the growth at the start. Trust me the opportunities are various if such resources are pulled together as the ummah because you why? 

  1. All current Commercial Banks are allowed by law to establish a window for Islamic Banking. This will only strengthen their already existing Banks. Besides, Islamic Banking does not only serve Muslims but all Ugandans who fear working under the current capitalist terms of interests. So, banks are going to be rejuvenated and flooded again. Many Muslims will require financial literacy training programs gbefore they get access to resources.
  2. Action of pulling resources together will enable Salaam to quickly grow into a commercial bank because they grow in stages; and above all, they understand the context of Muslims and feel for you.

Finally, this ummah has suffered enough. This, I HUMBLY request my superiors at all levels; and all our Hon. MGAs and the NEC on this platform and elsewhere like Muslim MEDIA of all types to get enough time and sensitise Muslims about this golden chance without further gambling and pretences in service delivery of the very core aspect to the Ummah.

Wasswa Omar Muhamad, is the Chairman-UMSC IEC and a Specialist in Rural Development

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