Kadaga calls for savings for financial growth

The Speaker, Rebeca Kadaga called for prioritizing of savings saying that making it a way of life will play a big role in advancing financial growth of Ugandans. Speaking at the official launch of the Muslim Journalists’ Taqaddum Sacco on Friday, 28 February 2020, Kadaga advised the members to promote unity so as to keep the initiative growing.
“I am delighted to see that in one year, you hold regular meetings and have got audited accounts. You are well on the way to being able to access Government support,” said Kadaga.
The Speaker said it was exciting that Muslim women in Uganda can access loans to grow their projects through Islamic Banking that is provided for under the Financial Institutions (Amendment) Act of 2016.
Kadaga told the meeting that Parliament presented many opportunities for the Sacco to tap into, adding that, “We usually advertise opportunities and through that process, this SACCO can be identified.”
The Speaker also presented a cash contribution of shs1 million to boost SACCO activities.
Kawempe Division North MP, Hon. Latif Sebaggala commended the Speaker for Parliament’s efforts in approving Islamic banking by passing of the Fi¬nan¬cial In¬sti-tu¬tions (Amend¬ment) Bill.  “The Speaker went on to task Bank of Uganda to ensure that regulations governing Islamic banking are in place, and also for Government to support the initiative. Government is now in hear gear to buy land for an Islamic Banking project,” said Sebaggala.
The Sacco chairperson, Kassim Kayira said the organization was set up to create an enabling environment for Muslim journalists and journalists in the country.
“With the Taqaddum having been registered with the Ministry of Trade, Industry and Cooperatives in 2018, the Sacco decided to think of investing the money that we are putting together by buying food for schools,” said Kayira.
He also commended the Speaker for facilitating the passing of the Fi¬nan¬cial In¬sti-tu¬tions (Amend¬ment) Bill which allowed Ugandans to benefit from Islamic financing by gaining access to affordable loans.
Kayira said they have a membership of over 60 with current savings of more than shs32million, adding that another 40 journalists were to be added to the group by mid-2020.
The Fi¬nan¬cial In¬sti¬tu¬tions (Amend¬ment) Bill that was assented to law by President Museveni in 2016 provides for Is¬lamic bank¬ing that is in line with the Is¬lamic Shar-i’ah (law).
Par¬lia¬men¬t’s move, however, remains sub¬ject to the es¬tab¬lish¬ment of a Cen¬tral Shar¬i’ah Advi¬sory Board by Bank of Uganda that will reg¬u¬late banks that pro¬vid¬e Islamic bank¬ing prod¬ucts.
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