AFRIEF and Ugandan Law Firm Announce MOU to Promote Islamic Finance
KAMPALA, UGANDA. – April 13, 2017 – The Africa Islamic Economic Foundation (AFRIEF), and M/s M. A. Kajubi & Co. Advocates today announced that they have signed a Memorandum of Understanding to enter into a strategic collaboration to foster professional exchange and dialogue, scholarly research and collaboration across the thematic areas of Islamic economics and finance, education, sustainable development and halal economy in the Republic of Uganda.
The two collaborating parties will bring together their capabilities and expertise to nurture the creative role of national and international scholarly and professional communication and collaboration in the development and dissemination of knowledge, learning, research and facilitation of innovative programmes of action aiming at improving livelihoods in the Republic of Uganda.
The agreement also signals the commitment of AFRIEF and M/s M. A. Kajubi & Co. Advocates to address key challenges facing the Islamic Finance industry in Uganda on professional development and ethics, through raising the levels of awareness, knowledge and professional standards across the broad spectrum of the Islamic finance sector.
Mr. Baba Yunus Muhammad, President of Africa Islamic Economic Foundation commented:
“Franky speaking, this collaboration is another important milestone in our commitment to advancing Islamic economics and finance in Africa, and together, we aim to embrace the role of scientific research and technology in Islamic finance – bringing innovative ideas, products and services to Ugandans who are interested in our approach to economic development, which emphases asset-based and risk-sharing paradigm of economic development, community self-reliance, high labour and environmental standards, and self-financing economic-development programs. Our purpose in Uganda is simple: to bring clarity about Islamic economics and finance to those working in financial and non-financial sectors from across different professional backgrounds, creating a common language and culture that raises both standards and confidence. No doubt, this alliance represents a key investment in Islamic finance education and support for best-in-class professional offerings to Ugandans and the wider financial and professional services sectors with which M/s M. A. Kajubi & Co. Advocates is connected.”
Mr Muhamad Ali Kajubi, Principal Advocate of M/s M. A. Kajubi & Co. Advocates in his comments noted that:
“At times, especially in complexly funded, multi-party, international transactions, ensuring sharia-compliance and the avoidance of riba (unwarranted interest) in your dealings can be hard to definitively guarantee. To the observant, this can cause hesitation in undertaking or financing certain transactions or ignoring completely those which are not obviously associated with institutions known for adherence to permitted practices. This at times can cause a disconnect with the secular world, meaning many good opportunities where the one can benefit the other and vice versa often go unrecognised.
Because risk and reward sharing amongst all parties to a transaction, interest free loans, insistence on asset-based finance and rigorous scrutiny on investment destinations are major parts of Islamic finance, generally everyone can be certain they are engaging in equitable, socially-inclusive, financially-secure and ethical business life: ideal for those who want the guarantee of a just and fair business environment, individuals, partnerships or Small to Medium Sized Enterprises starting out, the financially conservative and those conservative in other ways.
From Baba Yunus Muhammad and through AFRIEF, the whole economic system has a chance to prosper and avoid pitfalls like the surprise mortgage disaster that affected many globally.
Baba and AFRIEF have set the standard, M/s M. A. Kajubi & Co. Advocates – both the Law Firm and the man, are equally humbled but also excited to be allowed to guide and advise others on the better aspects of money management.”
The Africa Islamic Economic Foundation is an independent Non-Governmental Organization that provides a distinctive Islamic perspectives on economic and social issues and enhances dialogue and collaboration across the thematic areas of Islamic economics and finance, education, sustainable development, rural and community development, governance and public health. It supports a wide range of projects involving research, training, policy development and community-focused work designed to promote asset-based/risk-sharing paradigm of economic development in Africa among Governments, communities, anchor institutions and key policymakers in AU and OIC member countries. AFRIEF assumed the legal status of a Non-Governmental Organisation on 9th December, 2013 and its secretariat is located in Tamale in the Republic of Ghana.
About M A Kajubi & Co Advocates:
M/s M. A. Kajubi & Co Advocates is a dynamic, forward thinking boutique law firm in the heart of Kampala with expertise in Company Formation, Investment Advice, Banking, Islamic Finance, Oil & Extractive Industries, Company & Commercial Laws and litigation and experience in dealing with a wide range of clientele with local and international.
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