President Yoweri Museveni on Tuesday met and held talks with Qatar group of investors who paid him a visit at state house Entebbe.
The delegation led by Qatar Vice Chairman and Chamber coordinator Mousa Ali Abu Azab and chairman International Development Company, Ahmed Al-Khalaf discussed issues to do with the Islamic Banking with the President.
Mr. Museveni said the introduction of Islamic banking system will go a long way in exposing Uganda to different banking systems.
“Using the two different systems creates room for open competition in financial institutions” the President told his visitors.
Also known as non-interest banking, the Islamic banking system is based on the principles of the economics of a leader and an investor sharing profit and loss plus equity participation.
The Qatari delegation who have shown interest in the banking business, agriculture, agro and beef processing as well as oil and gas refining were informed by President Museveni that Uganda, with a population of 40 million offers good business opportunities.
The president added that Using Uganda as their base, they can also exploit market opportunities from the 180 million people in East Africa Region, COMESA, and the African continent in general.
Mr. Mousa Ali Abu Azab said the Islamic banking system is very stable and offers a sure guarantee in enterprises with several services that are better for investors. He revealed that the system has been successful elsewhere including Europe.
