The Busoga Muslim regional Khadhi, Hussein Bowa, says that some of the terms in the circular banks warrant borrowers to pay high interest rates, which has partly deterred small business owners from accessing their much-desired credit facilities in fear of the repercussions.
Muslim clerics in the Busoga sub-region have tasked the government
to quicken the operationalization of Islamic banking. They argue that it will
empower impoverished Muslims to easily start-up business enterprises of their
Islamic banking is provided for in the financial institution's
amendment Act of 2016 however, its’ operationalization is yet to be realized
within the country.
In her address to the Muslim community during their Iftar dinner
on 16th, April 2021, the Speaker of Parliament, Rebecca Kadaga pledged to
expedite the formation of the central Sharia advisory committee, which would
quickly facilitate the operationalization of Islamic banking in Uganda.
While addressing journalists on Thursday, the Busoga Muslim
regional Khadhi, Hussein Bowa, says that some of the terms in the circular
banks warrant borrowers to pay high interest rates, which has partly deterred
small business owners from accessing their much-desired credit facilities in
fear of the repercussions.
Bowa explains that Islam discourages acts of cheating and since
Islamic banking discourages exposing borrowers to exorbitant interest rates,
Muslim believers and other interested parties can easily engage in monetary
transactions without compromising the provisions in the Quran.
//Cue in: “I just want…
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Meanwhile, Sheikh Mohammed Kanyola, the head of Maulidi at the
Jinja Muslim district offices says that government should also recognize the
functionality of Islamic courts, which he claims to be more efficient in
solving misunderstandings among Muslim communities.
Kanyola stresses that some community evils like domestic violence
are easily solved through Islamic courts, as affected parties are challenged to
raise families based on Quran teachings which agitate for peace and
He adds that the Islamic courts will not undermine Uganda’s Constitution
since most of the laws guide believers to lead righteous lives by distancing
themselves from all evil acts.
//cue in: “we have the…
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Sheikh Adhi Basoga, the Jinja District Khadhi says that they have
embarked on programs of ending domestic violence by mobilizing married couples
to embrace the teachings of the Holy Quran, which direct the women to submit to
their husbands whereas, the men are tasked to unconditionally love their wives.
He argues that such teachings are slowly eliminating cases of domestic violence
within the Islamic community.