HOW BANK OF UGANDA FRUSTRATED ISLAMIC BANKING
By our reporter
In Kampala
Bank of Uganda (BoU) has been accused of frustrating Islamic Bank, five years after the law allowing operationalisation of the Shari’a-backed banking system was passed.
In a statement seen by this website, the Islamic leadership across the divide, said BoU’s failure to establish the Central Shari’a Advisory Council, five years after the law was passed, is a deliberate move to frustrate the final lap of establishing Islamic Banking.
The statement also dismissed suggestions that there is an insufficient pool of experts to form the Central Shari’a, Advisory Council.
“We wish to expose (sic) our prolonged suffering caused by Bank of Uganda’s delay to establish this council [Central Shari’a, Advisory Council]. This has taken almost five years since the law was passed. Bank of Uganda should not have any excuse in finding the two Shari’a, scholars as specified by the law,” the statement reads in part, highlighting at least “10 technically suitable local Shari’a scholars, where it [Central Bank] can choose from”.
Some of the scholars listed include, Dr Sulaiman Lujja, the Tropical Bank head of Islamic Banking, Dr Abdul Hafiz Walusimbi, the IUIU head of Shari’a, Dr. Anas Abdunoor Kaliisa, the director, Salaam Charity, Sheikh Muhammad Ali Waiswa, second deputy mufti, Uganda Muslim Supreme Council and Dr. Sowed Juma Mayanja, a lecturer at Makerere University.
Others are Dr. Kisuule Muhammad, director House of Zakat, Dr. Rashid Semuddu, consultant, Dr. Ediriisa Kasozi, deputy dean and head of department Islamic Law, Faculty of Law, Yahya Kasujja, Senior associate account, Islamic Development Bank and Sheikh Ismail Njuki, director, Madina International Development Agency.
The statement, headlined: How the delay in establishing the Central Shari’a Advisory Council at Bank of Uganda has Frustrated Islamic Banking, also noted that it was unfortunate that all the “amendments that were passed in the law in 2016 (such as agent banking and banc assurance, have been established except Islamic Banking.
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