THE ROLE OF ISLAMIC BANKING IN PROMOTING FINANCIAL INCLUSION AND ECONOMIC DEVELOPMENT IN UGANDA
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Date
2025-06-04
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Uganda Christian University
Abstract
This paper examined the role of Islamic banking in promoting financial inclusion and economic
development in Uganda. The fact that the concept of Islamic banking is a new one and therefore
known to a few, the primary objective of the research was to assess its effectiveness in
promoting financial inclusion and economic development in Uganda. The researcher adopted
a doctrinal research method to analyse the existing laws and literature and found that, Islamic
banking has the potential to address financial exclusion and improve access to financial
services as well as boost economic development. However, despite this, its adoption has been
sluggish with factors such as regulatory gaps, low awareness, misconceptions and lack of
Sharia’h knowledge, hindering its development. Consequently, the study recommends that
stakeholders launch public awareness campaigns about the role of Islamic banking in
promoting financial inclusion and economic development.