By: Twinomujuni Catherine
Kampala: The incumbent speaker of parliament Rebecca Kadaga has said that government is taking steps towards finalising with Islamic Banking law.
The Moslem community for a while been yearning to have their own bank in Uganda that doesn’t take high or no interest rates like the others do.
On a Friday function hosted by the titular head of the Muslim faith in Uganda Prince Kassim Nakibinge where he invited current and the recently elected Muslim members of parliament, Kadaga said; “We want Muslims too to fully enjoy financial service without going against their beliefs. So we surely want to embrace this kind of banking as soon as possible”.
According to Kadaga,the law was made on time but the delay has always been caused by Bank of Uganda and Ministry of Finance. She also explained why the issue of Islamic Banking is an important thing to the country which explains why the law should be added.
Nakibinge urged government to consider implementation of the Islamic Banking.
“If Uganda is to grow, then they should consider implementation of this law because it doesn’t require interest on loans thus it will be favourable for the borrowers and the banks” He said.
According to Nakibinge, Muslim members of parliament should be more United in everything they do.
“We’re here as a community. We’re here as Muslims, brothers and sisters thus we should be United” he said.
It should be noted that Islamic Banking is a system based on the principles of Islamic or Sharia law and thus parties to any transaction have o focus on what is granted by the Sharia law.