KAMPALA – The Minister for Kampala and Metropolitan affairs Hajjat Minsa Kabanda has hailed the Microfinance support Centre for championing Islamic microfinance based on the principles of Shariya. Hajat Minsa who was speaking at the Iftar organised by MSC at Hotel Africana on April 28 in Kampala said this will go a long way in championing development among the Muslims.
She emphasised that the arrangement was long overdue to be implemented in Uganda much as it has a number of benefits attached to it.
“I want to thank msc and Diwani Islamic Finance agency for jointly organising this function. I want to further express my gratitude to MSC for championing Islamic microfinance based on principles of Shariya Islamic faith in the country. Other financial sector institutions had not fully embraced the initiative so we are so happy as the Muslim community,” she said.
The Minister appreciated the work being done by MSC with support of Islamic Development Bank and the government of Uganda which is contributing to the achievement of government goals and objectives.
“I appeal to the Muslim community and other non-Muslim believers to embrace Islamic banking and maximise the opportunities offered by such strategic initiatives and innervations in order to increase household incomes and liberate yourselves from working for the stomach only,” she said.
Under the arrangement, MSC works with IDB to offer loans to the people with no interests attached. The profits are shared by the members in the different Saccos and MSC will be teaching people on how to us how to bank, save and how to invest this money in programs such as agriculture for poverty alleviation.
“MSC has been teaching us about this Islamic banking and also breaking our fast. Each time you break the fast of a Muslim, you get blessings. We want to thank them for having done this and urge them to keep doing it year in year out. Today we have learnt about saving and borrowing money, and next time we can probably learn about some other developmental things.
Dr Sulaiman Lujja, the head Islamic Microfinance at Microfinance Support Centre shared that 75 percent of Ugandans are poor. He said these do not need a lot of money but just small capital to start businesses to earn a living.
“We do not lend with interest. I want to encourage people to engage in government programs because the donors channel the money through these programs. The Government and Islamic Development Bank are after the development and unity of everyone,” he said.
He added: “We started this agency with the help of the Islamic Development Bank and under programs like Local Economic Growth (LEG) project program working with the ministry of local government and we are targeting the low income earners to have a meal. Let us support this program. I urge Muslims to at least have associations from every mosque applying to borrow this money.”
Dr Sulaiman emphasised that they are in touch with all the Muslim headships to foster this development.
The Iftar was attended by officials from the central government like Minister in charge of general duties, at OPM Justine Kasule Lumumba, Kyadondo Legislator Muwada Nkunyingi and former MP Kawempe North Latif Ssebaggala among others.
