Kampala: Uganda is giving special focus to promote Islamic Finance across the country and Islamic Finance operations have been kicked off in the East African country by the AlHuda Centre for Islamic Banking and Economics (CIBE) with the brand name of “AlHuda CIBE Uganda.”
Together with Uganda, other countries of East Africa e.g. Sudan, Kenya and Tanzania etc. can also be catered, where a huge Muslim population and the demand of Islamic banking already exists. Hence, Islamic Banking and Finance can flourish in those countries promptly. It is also noteworthy that Uganda, whose population is more than 36 million with 14 percent Muslims, is an important country in East Africa.
On the logo inaugural ceremony of AlHuda CIBE Uganda, Zubair Mughal, CEO of Al-Huda CIBE said that the future progress of Islamic Banking in Africa will not only increase the economic and trade undertakings in the above mentioned countries but also it will be a simulative cause of national development and growth in GDP. He also said that future Islamic banking and finance market consists of what else than Africa and Central Asia.
Moreover, Middle East’s Islamic financial institutions have already asserted their interest in Islamic finance in Africa. He said that Islamic finance will help out to alleviate poverty in Africa as Islamic Micro Finance has already been commended in the globe for poverty mitigation and economic and social development. He further said that AlHuda CIBE is commencing its services in South Africa soon to upsurge its occurrence in African countries. He added that Islamic Banking is flourishing in African countries aggressively e.g. South Africa, Tanzania, Kenya, Sudan and Tunisia and many more. Many Islamic banks, Takaful companies, Islamic Fund and other Islamic financial institutions are already playing their role in the above mentioned countries successfully.
Ahmad Abdullah, the Country Head of AlHuda CIBE Uganda, said, “The initiation of AlHuda CIBE setup in Uganda enjoys welcomeness and it will improve Islamic Banking in the country. There is an enormous demand of Islamic Banking and Finance in Uganda.” Moreover, the central bank of Uganda spreads red carpet for Islamic banking in the country.
It’s worth mentioning that AlHuda CIBE is a prominent brand name in the field of Islamic banking and finance for Advisory, Consultancy & Training. Furthermore, it has been offering its services in South Asia, Central Asia, Middle East and Europe’s more than 20 countries for the last eight years.