Spreading Islamic Banking in Uganda, One Sermon at a Time
- East African country latest to adopt Sharia-compliant finance
- Islamic banking assets may reach $3 trillion in next decade
Photographer: Neil Thomas/Corbis via Getty Images
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Islamic preacher Imam Idi Kasozi’s Friday sermons in the Ugandan capital typically focus on three subjects: faith, mercy -- and religiously compliant banking products.
Whether speaking from the pulpit in Kampala or at social functions, the 59-year-old has become Uganda’s most ardent promoter of Islamic banking, a practice the nation is set to follow neighbors Kenya and Tanzania in adopting after years of debate. And though Kasozi perceives a religious obligation, others see a chance to expand finance in the East African country where only 40 percent of 19 million potential customers have accounts. About 14 percent of Uganda’s 41.5 million population are Muslim.