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Uganda Says May Start Islamic Micro-Finance Loans by Mid-2017

diy3conbav_islamicmicrofinancenetwork

Uganda may begin lending small loans that are compliant with Islamic law as part of a government initiative to enhance rural incomes, the state-run Microfinance Support Centre said.

The initiative is part the nation’s Rural Income and Employment Enhancement Project implemented by MSC on behalf of the East African nation’s government, the Kampala-based company said in a statement on its website.

The Jeddah, Saudi Arabia-based Islamic Development Bank is funding experts from Bank of Khartoum to develop a framework for the implementation of Islamic micro-finance in Uganda, according to the agency.

Uganda’s parliament amended laws governing finance to accommodate Islamic financial products in January and the central bank says it is developing regulations for the system.

For more on this story visit the following link: Uganda Says May Start Islamic Micro-Finance Loans by Mid-2017

Source: Bloomberg

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