RUKUNGIRI- On Tuesday this week, the north Kigezi Diocesan Bishop Onesimus Asiimwe in significant gesture paid a courtesy visit to Rujumbura Muslim Savings and Credit Cooperative (Sacco) which was recently opened at Rukungiri district Muslim Headquarters in Rwekuba cell, Southern Division, Rukungiri municipality.
The visit was marked by expressions of gratitude towards decision-makers and a call for enhanced collaboration between communities as one way to enhance Sacco development.
During his visit, the Bishop emphasized the importance of starting up such a financial institution as a religion urging them to add in more efforts, engage people to know its mission and vision which will help them to attract more members.
The Bishop also urged the Sacco’s leadership to embrace modern banking solutions, particularly digital banking, to improve accessibility and efficiency.
“In today’s fast-paced world, adopting digital platforms is not just beneficial but necessary. It allows us to reach more members and increase engagement,” he noted.
Furthermore, he called on the Sacco to ramp up its advertising efforts to attract new members and grow its share base.
“Increased visibility and outreach will not only enhance your membership but also strengthen the financial foundation of the cooperative,” the Bishop advised.
The Rukungiri district kadhi sheik Abdulmalik Kayole Byaruhanga thanked the Bishop of North Kigezi diocese for his zeal and commitment since his installation stressing that he has expressed the real unifier amongst all the religions.
He called upon people of Rukungiri and the neighborhood to support their Sacco by opening accounts, saving and fixing their capital as one way of developing their Sacco which is interest free.
As both communities look towards the future, this visit marks a hopeful step towards greater collaboration and shared prosperity.
In Uganda, Islamic banking operates on principles of Sharia law, prohibiting interest (riba) and focusing on profit-sharing and partnerships rather than traditional lending.
Instead of charging interest, Islamic banks generate profits through equity participation and profit-sharing arrangements where it operates on a partnership model, where the bank and its customers share in the profits or losses of a joint venture.
