National Islamic Bank to open here
THE National Islamic Bank of Uganda (NIBU) is to be established before the year ends. The bank will be established by the National Bank of Commerce (NBC) in partnership with the International Investment House (IIH) from the United Arab Emirates.
By James Odomel
and Sylvia Juuko
THE National Islamic Bank of Uganda (NIBU) is to be established before the year ends. The bank will be established by the National Bank of Commerce (NBC) in partnership with the International Investment House (IIH) from the United Arab Emirates.
“The bank, which will be guided by the ethical principles of banking based on Sharia compliance with no interest rates,†the IIH chairman, Ahmed Darwish Dagher Almarar, said during the just-concluded Organisation of the Islamic Conference meeting at the Imperial Royale Hotel in Kampala.
The International Investment House will have 76% shares.
Almarar said: “We are ready to support Uganda in the financial sector. Such a great country with all its wealth of natural resources is not to be missed.â€
Islamic banking involves sharing of risks between the lender and the borrower and being fair to both parties.
“Islamic banking provides what I call the safest financial tools towards success and safeguarding any economy,†Almarar said.
“We want to establish a bank with the necessary financial strength to provide the necessary finance for infrastructure projects to get Uganda an investment grade rating in the foreseeable future.
NIBU can offer local access, local currency lending, packing of local/regional markets and distribution,†he added.
and Sylvia Juuko
THE National Islamic Bank of Uganda (NIBU) is to be established before the year ends. The bank will be established by the National Bank of Commerce (NBC) in partnership with the International Investment House (IIH) from the United Arab Emirates.
“The bank, which will be guided by the ethical principles of banking based on Sharia compliance with no interest rates,†the IIH chairman, Ahmed Darwish Dagher Almarar, said during the just-concluded Organisation of the Islamic Conference meeting at the Imperial Royale Hotel in Kampala.
The International Investment House will have 76% shares.
Almarar said: “We are ready to support Uganda in the financial sector. Such a great country with all its wealth of natural resources is not to be missed.â€
Islamic banking involves sharing of risks between the lender and the borrower and being fair to both parties.
“Islamic banking provides what I call the safest financial tools towards success and safeguarding any economy,†Almarar said.
“We want to establish a bank with the necessary financial strength to provide the necessary finance for infrastructure projects to get Uganda an investment grade rating in the foreseeable future.
NIBU can offer local access, local currency lending, packing of local/regional markets and distribution,†he added.