The Capital Markets Authority (CMA) recently convened religious leaders and…

The Capital Markets Authority (CMA) recently convened religious leaders and stakeholders to discuss the opportunities presented by Islamic Capital Markets and Sukuk as part of efforts to broaden participation in Uganda’s financial markets.

Our CEO, Josephine Okui Ossiya, emphasized that inclusive financial systems are essential for Uganda’s economic transformation. She noted that; we cannot speak of inclusion if available financial instruments exclude those whose faith does not permit interest-based systems.

She highlighted that Sukuk offers a unique opportunity to mobilize capital through asset-backed, ethical, and Shariah-compliant investments, enabling communities to participate in economic growth without compromising their values.

The Director for Research and Market Development, Dickson Ssembuya, highlighted that Sukuk instruments can deepen Uganda’s capital markets by mobilizing long-term financing, increasing investor participation, and supporting key sectors of the economy.

Additionally, Alison Kwikiriza our Manager in charge of Legal & Regulatory Affairs emphasized the growing global relevance of Islamic finance, noting that Sukuk structures being asset-backed, transparent, and based on risk sharing can strengthen financial inclusion while linking investment to real economic activity.

The discussion reinforced the importance of ethical and inclusive finance in expanding access to investment opportunities and supporting sustainable economic growth.

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