Ugandan Experts have advised Muslims all over the world to compare themselves with Catholics who have achieved success in implementing the Centenary Bank in the implementation of Islamic banking.
These were said at the Salam Ramadhan Symposium that takes on Sundays at Hotel Africana where a number of issues that range from Islamic banking and financing to Ramadhan and other Islamic topics are discussed.
The Director of Islamic Investment at the Micro Support Centre(MSC) Dr Sulaiman Lujja said more than 50 million people were driven into poverty by covid-19 as well as Islamic banking is one of the options in addition to other poverty relief programs.
“Muslims should be a part of Emyooga. In addition, there is the emyooga Islamic SACCO. The longest verse of the Quran refers to Islamic banking. It’s not true that borrowing money isn’t permitted within Islam,” said Lujja in a call to Muslims to take part to participate in Islamic banking.
Lujja stated Lujja that an Islamic bank isn’t a type of religious activity in the way it is viewed by a lot of Ugandans as a result of its religious nature. He also said that it’s not meant to be used by Muslims alone, but also for those of other religious groups.
“We thank the government as well as President Museveni for recognizing Islamic banking. Islamic banking is a reality in Europe as well as the US. Islamic banking isn’t a strong force in Uganda due to the fact that Muslims are not involved in it.” Lujja said. Lujja.
Islamic banking is governed by Sharia principles that are outlined within Islamic commercial law. It only applies a small portion of Sharia that is related to commerce.
Similar to the other faiths of humanity, Islam prohibits interest which is the backbone of the traditional banking system. Alongside curiosity, Islam bans other unsavoury commercial conducts like excessive gambling, uncertainty as well as speculation and materialism.
About Islamic Banking
In Islamic banking, it’s not permitted to pay and earn interest but instead is dependent on profit sharing. Islamic banks concentrate on creating profits from investments using instruments for investment that respect this model. Daily Nation