Hajjat Faridah Nambi in 2010 embarked on a journey to see more women participate in business by offering them loans that don’t demand interest on repayment. This she did as the founder and president of the Union of Muslim Women and Organizations in Uganda (UMWOU).
And it is through this union that she launched UMWOU Islamic financing, which has now expanded to five districts, namely: Nakaseke, Luwero, Nakasongola, Butambala and Mpigi.
UMWOU is an umbrella organisation for all Muslim Women and Organisations in Uganda.
The organisation carries out a number of activities, including seminars on business skilling and financial literacy, workshops on justice and law says the initiative is aimed at “supporting women to boost their businesses and achieve economic empowerment.”
Aside from money, the financing initiative also offers startups with items, for instance, sewing machines — depending on what one is doing.
According to Hajjat Faridah Nambi, money is given to women that are organized in groups and when the group is ready and organized.
She however explains that the loans are currently paid after 6 months or a year, depending on what the borrower wants.
According to a recent report by the Master card Foundation, Uganda has the highest number of women-owned enterprises in Africa while East African nation has poor entrepreneurial supporting factor.
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