The introduction of Islamic banking and its projected impact on financial inclusion and economic development in Uganda

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dc.contributor.advisor Buthelezi, Silindile N en_ZA Mutungi Muhairwe, Simon en_ZA 2018-05-14T12:57:57Z 2018-05-14T12:57:57Z 2018 en_ZA
dc.description.abstract Islamic banks were minimally affected by the global financial crisis of 2008. This is largely attributed to their firm and sound economic principles. This has made Islamic finance a feasible alternative system of banking especially in pursuit of financial inclusion. Uganda like most third world countries has grappled with the challenge of access to credit with a big unbanked population. One of the reasons espoused in this paper for this problem has been high cost of credit access caused by prohibitively high interest rates that discourage people from attaining loans for their entrepreneurial ventures. Since Islamic banking is an interest free based mode of finance, it could have the key to unlocking the door to an inclusive economy. However, there is a desire for dedicated research and efforts from the authorities to develop an effective legal and regulatory framework for Islamic financial industry in Uganda. Attempts should be made to modify the existing structure to provide better products and quality service within the ambit of Islamic laws. While interest based banking has taken hundreds of years to mature to the level where it is today, expecting the same maturity from Islamic banking in its nascent stage will be overly ambitious. To develop an economic system truly reflective of the sacred principles of Islam, all stakeholders should understand the limitations at this stage and work towards its advancement. en_ZA
dc.language.iso eng en_ZA
dc.subject.other Commercial Law en_ZA
dc.title The introduction of Islamic banking and its projected impact on financial inclusion and economic development in Uganda en_ZA
dc.type Thesis en_ZA
uct.type.publication Research en_ZA
uct.type.resource Thesis en_ZA
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Law en_ZA
dc.publisher.department Department of Commercial Law en_ZA
dc.type.qualificationlevel Masters en_ZA
dc.type.qualificationname LLM en_ZA
uct.type.filetype Text
uct.type.filetype Image

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