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CENTRE OF ISLAMIC BANKING & ECONOMICS

Press Release
Al-Huda CIBE commenced its operation in Uganda for the development of Islamic Banking in East Africa Islamic banking and finance in East African Countries will flourish rapidly: Zubair Mughal
20-03-2013 (Lahore) AlHuda Centre for Islamic Banking and Economics (CIBE) has initiated its operation with the brand name of AlHuda CIBE Uganda in East African country, Uganda. Together with Uganda, other countries of East Africa e.g. Sudan, Kenya and Tanzania etc can also be catered, where a huge Muslim population and the demand of Islamic banking already exists. Hence, Islamic Banking and Finance can flourish in those countries promptly. It is also noteworthy that Uganda, whose population is more than 36 million with 14% Muslims, is an important country in East Africa. On the logo inaugural ceremony of AlHuda CIBE Uganda, Mr. Zubair Mughal- Chief Executive Officer of AlHuda CIBE anticipated that the future progress of Islamic Banking in Africa, it 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, Middle Easts Islamic financial institutions have already asserted their interest in Islamic finance in Africa. He said that Islamic finance will help out to alleviate poverty in Africa as Islamic Micro Finance has already been commended in the globe 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 aggressively e.g. South Africa, Tanzania, Kenya, Sudan and Tunisia and many more. Many Islamic banks, Takaful companies, Islamic Fund and other Islamic financial institutions are already playing their role in the above mentioned countries successfully. 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. Its worth mentioning that AlHuda CIBE is a prominent brand name in the field of Islamic banking and finance for Advisory, Consultancy & Training. Furthermore, it has been proffering its services in South Asia, Central Asia, Middle East and Europes more than 20 countries for the last 8 years.

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