Kampala: Stanbic Uganda Holdings Limited (SUHL) Chief Executive Francis Karuhanga has pledged to amplify support for Muslim-led businesses and retail clients based on Islamic financing models in tandem with their religion.
“As Stanbic, we have trained a good number of our staff on Islamic banking and its principles; we are ahead of everyone. I want to assure our Muslim clients that you are safe with us. We have moved on a long journey together, and we are here to make sure that this rapport moves to a much bigger level.”
Karuhanga noted that Stanbic has diligently employed Muslims, and many of you are our partners, suppliers, and landlords in different parts of the country, and that’s why they are here today to appreciate and let you know that we don’t take our cooperation for granted.
These remarks were made while hosting hundreds of Muslim clients and staff to a special Ramadan Iftar Dinner this week in Kampala. The event was attended by high-profile leaders from the Muslim community.
He added that Stanbic has also finalized and is soon rolling out more specifically tailored Islamic financing products for Muslim clients.
Islamic banking is a system based on the principles of Islamic or Shari’ah law and guided by Islamic economics. Islamic banks offer financial services without using the conventional interest-based system, providing for the sharing of net profit or loss and the associated risk in a proportional manner between the lender and the beneficiary.
As such, a financial institution not only expects to claim a proportion of the profits of a project but also carries a proportional share of the loss of that project. Thus, in Islamic banking, financial institutions make a profit through equity participation, which requires a borrower to give the bank a share of their profits rather than paying interest.
The guest of honor, Imam Kasozi, a celebrated Muslim scholar, hailed Stanbic Uganda for unconditionally supporting different Muslim charity projects impacting society and praised the bank’s willingness to embrace Islamic financing models.
“I have personally had a bank account with Stanbic for a while, but it’s not been so active due to one reason or another; I want to pledge my commitment to revamp this account this week and do more business with you going forward,” Imam Kasozi said.
Some of the dignitaries present were the Executive Director of Salaam TV, Hajji Karim Kariisa, former Supreme Mufti Hajji Kasule Ndirangwa, and the Chief Executive for SBG Securities, Grace Ssemakulula, among others.
Since the start of the Ramadan season, Stanbic Uganda has donated food and other supplies worth over UGX 50 million to support fasting Muslims. Beneficiaries of the donations include Lugoba Muslim Vocational School and mosques in Nakwero, Mukono, Kireka, Kitezi, Mayilikiti, and Kata.
The upcountry mosques include Masjid Rahman Mabanda-Kibibi Butambala, Bulo Main Mosque-Butambala, Mbale Main Mosque, and Arua Main Mosque.
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