Al-Huda Centre for Islamic Banking and Economics commence operations in Uganda for development of Islamic Banking

Lahore, March 20, 2013 (PPI-OT): Al-Huda Centre for Islamic Banking and Economics has initiated its operation with a name of “Al-Huda CIBE Uganda” in East African Country, Uganda, so that together with Uganda, in other countries of East Africa like Sudan, Kenya and Tanzania etc. where a huge Muslim population and the demand of Islamic banking already exists, Islamic Banking and Finance can be flourished promptly. It is also noteworthy that Uganda, whose population is more than 3 crores 60 lacs with 14% Muslims, is an important country in East Africa.

On the logo launching ceremony of Al-Huda CIBE Uganda, Mr. Zubair Mughal, Chief Executive Officer Al-Huda CIBE, said that the 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. He said that future Islamic banking and finance market consists of what else than Africa and Central Asia.

Moreover, Islamic finance firms have already asserted their interest in Islamic finance in Africa. He said that Islamic finance will help alleviate poverty easily in Africa in that Islamic Micro Finance has already been commended in the entire world for poverty mitigation and economic and social development. He further said that AlHuda CIBE is commencing its services in South Africa soon to upsurge its incidence in African countries.

He added that Islamic Banking is flourishing in African countries like South Africa, Tanzania, Kenya, Sudan and Tunis and many more. Many Islamic banks like Takaful, Islamic Fund and other Islamic Finance companies are already working in the above mentioned countries successfully.

Mr. Ahmad Abdullah, the country head of Al-Huda CIBE Uganda, said that the initiation of Al-Huda 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.

It is also important to know that Al-Huda CIBE, which has been proffering its services in South Asia, Central Asia, Middle East more than 20 other countries including Europe for the last 8 years, celebrates eminence in the Islamic banking and finance industry for advisory, consultancy and training.

For more information, contact:
Amina Siddiqui
Manager Communication
AlHuda Centre of Islamic Banking and Economics
192 Ahmed Block, New Garden Town,
Lahore – Pakistan
Ph: + 92 (0)42 – 35913096 – 8, 38407850
Fax: + 92 (0)42 – 5913056

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