BARS, LODGES, PORK BUSINESSES NOT ELIGIBLE FOR ISLAMIC BANKING LOANS
Wilber Muhwezi and Nuwagaba Felix
Bar owners and people who venture in lodge business will not benefit from the Islamic loan scheme.
This was revealed by the General Manager of Ishaka Farmers Sacco Naboth Kajungu at the official launch of partnership with microfinance support center in Islamic Banking for greater Bushenyi.
He said the pilot project will consume 660 million shillings. The money will be channeled through Ishaka farmers sacco as a lead agency.
The beneficiaries of the loan will not put interest in the money borrowed from the sacco a move many people applauded.
“Ishaka farmers sacco will soon start giving out these loans” Kajungu said
Kajungu further noted that giving out loans without interest rates will increase House hold Income in Greater Bushenyi.
According Kajungu, Ishaka farmers has grown and as many different services like pay way that’s where you pay water, Electricity, mobile money and other services.
He noted that the sacco has more than 13000 members in its six branches of; Ishaka, Kibasi, Rwimi Ndekye, Katerera and Ntara. He added that the sacco has a loan portfolio of over 5 billion shillings.