NICHOLAS AHARIZIRA
RUKUNGIRI– Preparations are underway as the Muslim community in Rukungiri District anticipates the launch of a Muslim SACCO aimed at improving livelihoods and combating poverty.
According to Sheikh Abdulmalik Byaruhanga Kayole, the Rukungiri District Kadhi, the SACCO is expected to be officially inaugurated on October 5, 2024, at Rukungiri Main Mosque. The event will be graced by the Minister of Security, Major Gen. Jim Muhwezi Katugugu, who is expected to be the guest of honor.
Speaking to Boona Radio yesterday, Sheikh Kayole explained that the SACCO will operate in accordance with Islamic banking principles, which focus on assets rather than cash loans. He clarified that Islam prohibits interest on cash loans, so instead of lending money, they provide an asset to the beneficiary. The customer then repays the value of the asset, including an agreed-upon profit.
He further emphasized that the SACCO will be open to people of all religions, as the primary goal is to promote development for everyone, regardless of their faith.
Chairperson Nazil Katoto expressed confidence that this SACCO will significantly contribute to the development of Rukungiri, enabling people to acquire assets and repay in installments.
