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AlHuda CIBE set to enter into uganda market

AlHuda Centre of Islamic Banking and Economics (CIBE) is set to enter into partnership with Uganda Technology and Management University (UTAMU) aimed at building capacity in banking and finance in Uganda. According to the Director of Engagement, Research and Innovation, Assoc. Prof. Dr. Florence Tushabe, UTAMU, the partnership will see the Islamic banking institution start operations in Uganda that will come in 2015. She further added that UTAMU will promote all events, trainings and conferences through conducting workshops, seminars and other programs in Uganda”.

Mr. Imran Gul Khan, Head Senior Management, AlHuda CIBE said that our collaboration will include creating awareness, building capacity for banks staff training in the field of Islamic Banking and Finance. He said that the first training would kick off by the end of January 2015. Muslims are now becoming more concerned with what is compliant with their faith and this cross into their day-to-day financial dealings. As Uganda has a Muslim population of nearly 4m, or 12% of its total population of 33m, there is a dire need to open up new horizons for Islamic banking and finance in Uganda.

Mr. Ahmad Abdullah, the country head of AlHuda CIBE Uganda, has said that the initiation of AlHuda CIBE setup in Uganda enjoys welcomeness and it will improve Islamic Banking in the country. He said that there is an enormous demand of Islamic Banking and Finance in Uganda. Moreover, the central bank of Uganda spreads red carpet for Islamic banking in the country.

Mr. Zubair Mughal, CEO, AlHuda CIBE said that we are entering into Uganda market with a long term work plan. AlHuda CIBE is registered in Uganda as a private limited company and has started working as a private entity over there. He further anticipated that the future progress of Islamic Banking in Africa will not only increase the economic and trade undertakings in the above mentioned countries but also it will be a simulative cause of national development and growth in GDP.

Founded in 2005, AlHuda CIBE is a UAE based advisory and consultancy firm whose mandate is to promote Islamic Banking and Finance through offering advisory, consultancy, Product Development and education cutting-edge modes. Furthermore, AlHuda CIBE has been offering its services in South Asia, Central Asia, Middle East and Europe’s more than 20 countries for the last 8 years. It is at the forefront of expertise among professionals as a means of enabling them cope with challenges in the corporate world. Over the last two years, UTAMU has been able to form and nurture partnerships with various institutions with the aim of pooling resources to build capacity in research, training and innovation and transform higher education in Africa.