MICROCAPITAL BRIEF: Al-Huda Centre for Islamic Banking and Economics (CIBE) Opens Office in Uganda

The Al-Huda Centre for Islamic Banking and Economics (CIBE), a Pakistan-based nonprofit that focuses on Islamic microfinance, has announced its expansion to Uganda. The firm offers research, training and technical assistance services. According to Al-Huda CIBE CEO Zubair Mughal, the new Ugandan initiative represents the organization’s first operation in Africa, and the company plans to expand to South Africa and other African countries with high Muslim populations in the future. Details about the scope of the Ugandan initiative and the timeline for commencing operations in South Africa have not been not disclosed. According to a 2002 census, 12.1 percent of Ugandans are Muslim. Islamic microfinance models are designed to comply with Shariah law, which prohibits interest payments and fees, by way of concepts such as joint venture and profit sharing.

By Brian LeBlanc, Research Associate

About Al-Huda Centre for Islamic Banking and Economics (CIBE)

Located in Pakistan, Al-Huda Center of Islamic Banking and Economics (CIBE) is a nonprofit consulting firm that specializes in research and training in the Islamic microfinance industry. The organization also provides technical assistance in the area of Shariah law, organizes distance learning programs and publishes a monthly online magazine called “Islamic Banking and Finance News.”

Sources and Additional Information

Al-Huda Centre for Islamic Banking and Economics press release, http://www.alhudacibe.com/pressrelease15.php

2003 Uganda Housing and Population Census, http://www.ubos.org/onlinefiles/uploads/ubos/pdf%20documents/2002%20Census%20Final%20Reportdoc.pdf

MicroCapital story, February 13, 2013, “Uzbekistan’s Hamkor Bank to Launch Islamic Microfinance,” https://www.microcapital.org/microcapital-brief-uzbekistans-hamkor-bank-to-launch-islamic-microfinance/

MicroCapital story, January 31, 2013, “AlHuda Center for Islamic Banking and Economics, VisionFund AzerCredit to Conduct Market Research in Advance of Possible Launch of Islamic Microfinance in Azerbaijan,” https://www.microcapital.org/microcapital-brief-alhuda-center-for-islamic-banking-and-economics-visionfund-azercredit-to-conduct-market-research-in-advance-of-possible-launch-of-islamic-microfinance-in-azerbaijan/

MicroCapital story, July 26, 2012, “AlHuda Centre of Islamic Banking and Economics of Pakistan Creases Centre of Excellence in Islamic Microfinance,” https://www.microcapital.org/microcapital-brief-alhuda-centre-of-islamic-banking-and-economics-of-pakistan-creates-centre-of-excellence-in-islamic-microfinance/

MicroCapital Universe Profile: Al-Huda Centre for Islamic Banking and Economics (CIBE) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AlHuda+Centre+of+Islamic+banking+and+Economics

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