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

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dc.contributor.advisorButhelezi, Silindile Nen_ZA
dc.contributor.authorMutungi Muhairwe, Simonen_ZA
dc.date.accessioned2018-05-14T12:57:57Z
dc.date.available2018-05-14T12:57:57Z
dc.date.issued2018en_ZA
dc.description.abstractIslamic 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.identifier.apacitationMutungi Muhairwe, S. (2018). <i>The introduction of Islamic banking and its projected impact on financial inclusion and economic development in Uganda</i>. (Thesis). University of Cape Town ,Faculty of Law ,Department of Commercial Law. Retrieved from http://hdl.handle.net/11427/28083en_ZA
dc.identifier.chicagocitationMutungi Muhairwe, Simon. <i>"The introduction of Islamic banking and its projected impact on financial inclusion and economic development in Uganda."</i> Thesis., University of Cape Town ,Faculty of Law ,Department of Commercial Law, 2018. http://hdl.handle.net/11427/28083en_ZA
dc.identifier.citationMutungi Muhairwe, S. 2018. The introduction of Islamic banking and its projected impact on financial inclusion and economic development in Uganda. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Mutungi Muhairwe, Simon AB - 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. DA - 2018 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2018 T1 - The introduction of Islamic banking and its projected impact on financial inclusion and economic development in Uganda TI - The introduction of Islamic banking and its projected impact on financial inclusion and economic development in Uganda UR - http://hdl.handle.net/11427/28083 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/28083
dc.identifier.vancouvercitationMutungi Muhairwe S. The introduction of Islamic banking and its projected impact on financial inclusion and economic development in Uganda. [Thesis]. University of Cape Town ,Faculty of Law ,Department of Commercial Law, 2018 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/28083en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentDepartment of Commercial Lawen_ZA
dc.publisher.facultyFaculty of Lawen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherCommercial Lawen_ZA
dc.titleThe introduction of Islamic banking and its projected impact on financial inclusion and economic development in Ugandaen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameLLMen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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