KAMPALA – Finance Minister Matia Kasaija has affirmed Government of Uganda commitment to establish an Islamic Bank in partnership with the Islamic Corporation for the Development of the Private Sector ( ICD) and the Private Sector in Uganda.
This was during the first meeting (partially virtual) on the formation of the Islamic Bank in Uganda and the partnership offer by ICD to Uganda.
ICD is a multilateral development financial institution and member of the Islamic Development Bank group.
The meeting was also attended (virtually) by Ayman Amin Sejiny, the Chief Executive Officer of ICD.
Kasaija said President Yoweri Kaguta Museveni has already accepted ICD’s expression of interest to partner with Government and Private Sector Enterprises in Uganda.
“The Government looks forward to taking advantage of the long-term project financing,technical support and advisory services offered by ICD,” said Kasaija.
He also said an Islamic Bank in Uganda will contribute in deepening financial inclusion, increase access of the Private Sector to Capital and promote job creation.
Ministry of Finance will be shareholder on behalf of Uganda with 50% shares, ICD will have 33% shares while the Private Sector will take 17%.
On the other hand, Minister of State for Planning David Bahati has separately led officials from Uganda Revenue Authority (URA), National Planning Authority and Uganda Bureau of Statistics to present their Policy Statements to the Parliamentary Committee on Finance, Planning and Economic Development.
The URA team expressed optimism about hitting their target revenue collections for this financial year as planned.
URA is focussed on improving revenue collections during next FY 2021/22. They plan to recruit more staff, enhance technology and continue implementing the domestic revenue mobilisation strategy to expand the tax base and reduce informality of doing business which stands at about 51%.
UBOS will focus on producing and disseminating integrated statistical information that meet national and international standards quality requirements.
Accurate data is required for successful implementation of NDP III which National Planning Authority is focussed on delivering.