Islamic Finance and Socioeconomic Empowerment, Lessons for Uganda
A Systematic Literature Review
DOI:
https://doi.org/10.53449/hw1jev65الكلمات المفتاحية:
ethicality، Islamic finance، riba، risk-sharing، socioeconomic empowermentالملخص
Despite ongoing global and national efforts to promote inclusive development, socioeconomic empowerment in Uganda remains limited, particularly among marginalized groups. This review synthesizes global evidence on Islamic finance and extracts key lessons that can inform Uganda’s efforts to enhance socioeconomic empowerment through ethical and inclusive financial systems. Employing a Systematic Literature Review (SLR) guided by the PRISMA framework, the research synthesizes evidence from 48 peer-reviewed articles published between 2022 and 2025. The review highlights core Islamic finance principles—namely the prohibition of riba (interest), promotion of risk-sharing, and adherence to ethical and socially responsible practices—as foundational drivers of inclusive finance, poverty alleviation, and sustainable development. Despite Uganda’s recent regulatory reforms aimed at integrating Islamic finance into its financial system, actual uptake remains limited. This is largely attributed to persistent structural barriers, gaps in legal infrastructure, and low levels of public awareness and financial literacy regarding Islamic finance models. The findings reveal that Islamic finance, rooted in the objectives of Maqasid al-Shari'ah, holds promise in enhancing financial inclusion, entrepreneurship, and community resilience. However, successful integration requires context-sensitive implementation, robust Shariah governance, public awareness, and supportive legal infrastructure. The study concludes by recommending a dual financial system and strategic use of technology to scale ethical finance models like Islamic finance that align with Uganda’s Vision 2040 and the Sustainable Development Goals.
التنزيلات
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