MSC’s Islamic microfinance initiative spreads wings to Tororo
By Jamil Ssekajja
A transformative shift in financial access has been set in motion with the launch of the Islamic microfinance initiative in Tororo District, a move that has been hailed by local leaders as a game-changer for under-served communities. The initiative launched, promises to provide ethical and interest-free financial services grounded in Sharia law principles, fostering financial inclusion and sustainable economic growth.
Orono Nyapidi, the Mayor of Tororo, expressed his full support for the launch, applauding the Microfinance Support Centre (MSC) for pioneering this innovative initiative. “This initiative is a significant step towards economic resilience and self-reliance for the people of Tororo,” Nyapidi remarked. He noted that the introduction of Islamic microfinance services will equip residents with the necessary tools to lift themselves out of poverty, offering an alternative to exploitative lending practices.
Koire Nooh Abdul Marik, the Tororo District Khadi, described the initiative as a “beacon of hope” for the local Muslim community and beyond. Marik emphasized that the model would provide vital financial resources to many individuals and small businesses who have long struggled to access conventional financial services due to religious or cultural reasons.
The MSC’s campaign aims to introduce Islamic microfinance to foster economic equity, stressing the importance of fairness in all financial dealings. This initiative aligns with Sharia law principles, which prohibit the charging of interest on loans and instead focus on equity-based financing, ensuring that both parties involved in a transaction share the risks and rewards.
Simon Peter Egirait, the MSC Zonal Manager for Mbale, noted that the Islamic microfinance model is inclusive and intended for all residents, irrespective of their religious affiliations.
“This is a model that transcends religious boundaries and focuses on empowering every community member,” he said.
Abdul Kasule Buwembo, General Manager of the Nakasero Muslim Community Foundation SACCO, expressed his support for the initiative, emphasizing its ethical dimension.
“This initiative brings a moral alternative to lending, one that protects our values and promotes fairness in business,” Buwembo explained.
The MSC has already disbursed over UGX 4 billion through the Emyooga program in Tororo, supporting local entrepreneurs and saving groups. With savings exceeding UGX 2 billion, the program has already shown its potential in improving financial access and security within the district.
