HomeNewsMuseveni signs Islamic bank law of money lending

Museveni signs Islamic bank law of money lending

As its known allover the world that in order for a person to be borrowed money by the bank they need to first sign an agreement that includes the date the money is to be paid back plus all the procedures of how its to be paid and how much interest rate is to be paid back.
But still who doesn’t know that according to Islamic teachings and Quran preachings a mam is not supposed to get any interest rate from the person they lend money to cause it’s considered as “Ribbah” or simply call it sinful and whoever does it is considered a sinner. A money lender is supposed to be paid back only and only the amount they gave out cause that way everything can be fair.
Sometime back Ugandan Islamic leaders came out and petitioned to president museveni to atleast pass a law to all banks that give out loans to stop asking Muslims to pay interest rates cause both the lender and borrower are considered sinful for the act. And the president now has heard out their cry by signing the law bill hence allowing Muslims to be freed from all interest rates as long as they provide all right info and documentation proving that they are Muslims.
Museveni signs Islamic bank law of money lending
However Christian leaders are not happy with the passing of this law claiming that it’s not fair to them plus their congregations as everyone in the country is to be treated the same way.
Read Also >>> Two guys arrested for circulating a dead photo of Museveni

Nasa Tushabe
Nasa Tushabe
A Ugandan Business and Financial News Journalist. Writer and a critic. Reports Entertainment News for Blizz Uganda website.

Latest News

Follow Us


Business News


error: Content is protected !!