I had the honor of presenting to the Uganda Revenue Authority (URA) on “Islamic finance and domestic revenue mobilization and how the principles of justice and accountability connect both systems .
Here’s the core message:
Islamic finance operationalisation is business as usual structured along sharia compliant principles . It mobilizes capital, finances infrastructure, manages risk and supports investment but without interest, excessive uncertainty or unjust enrichment. It is asset backed and risk-sharing by design.
Why this matters for Uganda:
- Uganda needs stronger domestic revenue strategies to increase the country’s tax-to GDP ratio according to a world bank report ,2025.
- There’s a significant infrastructure gap.
- Financial inclusion remains a national priority.
- Islamic finance can compliment exsisting fiscal tools to widen the investor base .
The key operational areas are:
- Developing a sovereign sukuk framework to finance infrastructure
- Clarify tax treatment of zakat
- Strengthen sharia governance and regulatory capacity
- Capacity building and awareness programs on Islamic finance
I thank URA for the engagement, the iftar corporate dinner and discussion.
