ISLAMABAD: A Memorandum of Understanding (MoU) was signed between AlHuda CIBE and legal Chamber of Islamic Chamber of Commerce to promote Islamic Banking in Uganda.
On behalf of AlHuda CIBE Uganda, Ahmed Abdallah, the country head of AlHuda CIBE and Asuman Mukiibi Serunjogi, the President of Islamic Chamber of Commerce, Uganda signed the MoU in Kampala, said a press release issued here on Monday.
Under the terms of the MoU, AlHuda CIBE will provide consultancy, advisory, training and capacity building, Shariah advisory, distance learning programs and to procure the projects that require the services of AlHuda CIBE.
Commenting on the MoU, Ahmed Abdallah said,”We are delighted to announce this partnership that will provide a significant boost to the development of Islamic finance sector not just in Uganda but to all OIC member countries and beyond.”
Uganda currently, soon embracing the introduction of Islamic banking and finance activities as the bill is tabled in the parliament.
He said that Uganda is already a home to a number of independent Organizations and financial institutions all committed to the development of the sector.
AlHuda CIBE’s expertise in Islamic finance has enabled the centre to boast as one of the most highly advisory services in the global Islamic finance industry.
Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Center of Islamic Banking and Economics congratulate AlHuda CIBE Uganda’s team for advancing in East African countries for the development of Islamic Finance and Banking.
He said, this agreement will leads many new avenues for Islamic Banking and Finance in the region as Uganda have big potential to attract foreign Direct Investment (FDI) for Islamic Banking and Finance which will not only strengthened the Islamic banking Finance industry but also boost the economic activities in the country through new employment generation, improvement of business standards and development different Islamic financial instruments etc.
