OPINION: Emyooga can’t replace Islamic banking

By Ahmed Wetaka

Dear Editor

Happy New Year! 

During his end of year address, President Yoweri Museveni glossed over the issue of Islamic banking. He made it appear like Muslims don’t appreciate the achievements made under his regime. 

Your excellency, our push for Islamic banking doesn’t in anyway negate your support to Muslims since you came to power. 

However, that shouldn’t be used to silence our quest for an inclusive banking system that is in line with our religious beliefs and practices. This isn’t up for debate or discussion. 

Two, you went ahead and listed government programs that in your wisdom can cover for the absence of Islamic bank since such funding  doesn’t come with interest. 

Well, your excellence you are right to an extent. 

But what ought to known is that  those pushing for Islamic banking are not looking for pocket change to start bananas or petty businesses. We are looking for real money to invest in a business with a huge impact. The money coming through the programs you listed like Emyooga is too little to support the things we wish to invest in. 

Islamic banking will attract more money into the economy to bridge the gap resulting from the limited funding provided by the government. 

Additionally, while Emyooga may not have interest, that isn’t the only consideration in Islamic banking. There are other key issues like the nature of investment and the time of the investment, which have to be considered. 

Emyooga also covers a limited area, which isn’t the case with Islamic banking.  

So Mr President, we need Islamic banking. We shall continue reminding you until we get it.

The author Ahmed Wetaka is a practising Muslim journalist