ABOUT BAITULMAL

We are a pioneering and indigenous Islamic financial institution committed to delivering Shari’ah-compliant wealth management services with an ultimate goal of transforming livelihoods of communities.

To complement Uganda’s Islamic financial ecosystem, we explore the untapped investment opportunities and cater for different risk, return, maturity, and liquidity needs of various agents in the economy.

We holistically manage our Clients’ wealth cycle through a wide range of Shari’ah compliant solutions including; investment management, financial planning, tax planning, estate planning, retirement planning, and risk management among others.

Although Uganda’s Islamic financial sector has had a humble beginning, the coming on board of Baitulmal is a key milestone. Baitulmal is well positioned to leverage its knowledge, experience, exposure, and networks to grow the Islamic wealth industry.

Baitulmal’s momentum is built on a solid foundation, clients and business partners’ confidence, professional team who have structuring capabilities and portfolio management expertise in the Islamic financial sector space. They balance spiritual principles and sound financial strategies.

PARTNER WITH US

Initiative

Vision

To be the leading indigenous Islamic financial institution for banking, finance, and wealth management services.

Mission

Delivering Shari’ah-compliant financial solutions that foster inclusive growth and ethical wealth management.

PARTNERS

  • Uganda Muslim Supreme Council (UMSC)
  • House of Zakat & Waqf Uganda (HZWU)
  • Diwan Islamic Finance Agency
  • Uganda Muslim Education Association (UMEA).
  • Uganda Muslim Teachers' Association (UMTA).
  • The Islamic Medical Association of Uganda (IMAU).
  • Bilal Staff Savings and Credit Cooperative Society (BISTSACCO)

This is the mother, apex and governing body of Muslims in Uganda, who constitute 6.5 million according to Uganda Bureau of statistics (UBOS). UMSC structures include; over 9 Regional Administrative Structures for easy service delivery and 78 Muslim Districts, 465 Muslim Counties and over 13,000 Mosque. It manages several Muslim-based institutions including; hospitals, health centres, Universities, post-secondary institutions, secondary schools, primary schools, Uganda Muslim Medical Bureau, radio and TV stations among others.

This is a non-denominational and not for profit organization set up to manage and administer Zakat (obligatory dues) and preservation of Waqf (endowment) in accordance with the teaching of the Holy Quran, Hadith, Consensus and Analogy for the social wellbeing of Muslims and development of Islam.

We have successfully completed projects in numerous states.
We are licensed to perform general contracting work in most states.
We will be open to obtaining new licensing if an opportunity arises

This is a one-stop centre for Islamic finance sector development through training, research and publication, and Shari’ah advisory services in areas of finance, zakat, waqf, and estate management. Diwan agency plays a vital role in the development of Islamic finance industry in Uganda through advisory, training and development of Human capital in the field of Islamic finance and Shari’ah. Diwan’s commitment to excellence has strengthened its position as the top provider of quality training across all major Islamic finance disciplines. Diwan agency training arm specializes in industry technical certifications. The certifications are designed to ensure attainment of technical proficiency levels to fulfill jobs requirement and support professionalization of the industry. Diwan serves as a partner to numerous world class institutions; delivering thought leadership, research, advisory, assessment and training in various Islamic finance fields.

This was established in 1936 to work as a Muslim Secretariat that serves Ugandan Muslims. It aims at providing a platform for Muslims to achieve sound education (modern and traditional Islamic studies) purposely to attain a reasonable share in their country as their counterparts of other religious affiliations.

This is an umbrella body that brings together Muslim teachers in Uganda so they increase access to quality education of the Muslim community as well as improving Teachers' welfare. UMTA was established in 1988 as a national non-governmental not for profit organisation working across the country. UMTA units Muslim teachers irrespective of their social and political affiliation.

This is a registered non-governmental organization established in 1988. The membership of the Association consists of Muslim health professionals who form the General Assembly, the association’s highest authority. IMAU targets all people of Uganda but with a comparative advantage with Islamic communities.

SACCOs in Various Institutions. We establish Islamic financial cooperatives (Baitulmal Wat Tamwil) in different institutions who are our implementing partners established as standalone or Windows in conventional financial institutions including; Cooperatives, Savings and Credit Cooperative Societies (SACCOs), Groups, Microfinance Institutions (MFIs), Small and Median Enterprises (SMEs), and other development institutions. One of the model reference SACCOs we have supported is Bilal Staff Savings and Credit Cooperative Society (BISTSACCO)

Poverty Levels in Uganda

According to the World Bank Kampala May 2023 report, about 30% of Ugandans are poor. In absolute term, the number of poor people increased from 8.03 million to 8.31 million, which needs more attention and more interventions from government and private sector.

According to the Bank of Uganda (BoU) Financial Capability Survey (FCS) 2020 report, out of the 22.8 million working adults from 16 years and above, only 1 percent earn more than UGX. 1 Million (USD 270), while nearly 50% earn less than UGX. 150,000 (USD 40) in a month. Although the incidence of poverty has been higher in rural areas than in urban areas, some rural areas (which are mostly dominated by Muslims like East and West Nile sub-region) have been severely affected due to their fear of the great sin of riba (interests on credit).

In a bid to eradicate poverty among 68% of households across the country, Government of Uganda (GoU) has introduced various development programs, that among others, include Parish Development Model (PDM) a development approach conceived under the third National Development Plan (NDP III).

Notwithstanding the above intervention, at least 50% of Ugandans remain vulnerable to the risk of falling back into poverty in the next two years. Coupled on that, a big segment of the population that have deliberately neglected all the ongoing poverty alleviation programs due to their contradiction with tenets of the Islamic faith. According to the US government estimates in the midyear 2022, Uganda’s total population stood at 46.2 Million. These estimates further report that although the most recent (2014) census put Muslims at 14% of the population, the Uganda Muslim Supreme Council states that Muslims (primarily Sunni) are closer to 35% of the population.

Islamic Banking providing some Solution

Although Islamic banking has finally been rolled out in the commercial banking sector (after the Central Bank issuing the first Islamic banking license to Salaam Bank Limited), a big segment of the population (especially the poor) has remained financially excluded because; their communities are not reached by commercial banks or they lack collateral or their Microenterprises demand small magnitude of financing. This makes the establishment of Baitulmal inevitable to facilitate the Islamic Microfinance sector, which is perceived to be high-risk and unprofitable by commercial banks.

Establishment of Baitulmal

After observing the extreme poverty levels within the community that was caused by exclusion of Muslims from the financial services sector and the ongoing government development programs due to the fear of riba (interest). Baitulmal was established as an Islamic-based socio-economic development institution to complement government development programs by extending affordable Islamic financial services, service activities, and non-financial direct assistance to the active poor and productive entrepreneurs in the community.

FAQs

Is Wealth Management only for the Rich (HNWIs)?

Wealth Management is open to whoever aspires for financial freedom. The biggest component of wealth management business is unit trust/mutual fund, which targets the masses / common people.

Why are wealth management products risky?

There are risky Wealth management products (variable price equity fund) and conservative Wealth management products (capital-protected funds). The trick is to match the product with the risk profile of Clients and to maximize the risk reward equation.

What makes Baitulmal platform Islamic / Shari’ah compliant / Halal?

We follow Islamic principles by; avoiding interest (riba), excessive uncertainty / speculation (gharar), gambling (maysir), investing in prohibited (haram) industries. Instead, we focus on ethical, asset-backed, and transparent investments.

What are some Halal alternatives to conventional savings accounts?

Our Islamic investment alternatives include Islamic annuities (pension) and investment accounts that are based on Profit and Loss Sharing models, such as Mudarabah (Profit Sharing) and Musharakah (Profit and Loss Sharing) accounts.

Is Islamic Wealth Management Limited to Investments?

There are non-investment products and services such as; advisory (such as financial planning), Wasiyyat (will), Waqf (endowment), and Islamic inheritance (farai’dh), among others.

Is Islamic Wealth Management only for Muslims?

Islamic Wealth Management is open to both Muslims and non-Muslims, although it bears the name “Islamic” to indicate that it is rooted in the Islamic faith and values.

Where to start from?

Reach out to us and get assigned to an Islamic financial advisor to guide you through Shariah-compliant investment options and strategies.

OUR TEAM

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Hajji Musoke Jamadah Lutta
Board Chairman
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He is seasoned accountant and businessman.
Who is the Executive Chairman and founder of J. Lutta & Vo. Inc.,
specializing in Coffee & Horticultural export.
Previously, he was a shareholder/Director of Greenland Bank Ltd.
He has a B. Com (Accounting) from New Delhi Commercial University India,
a fellow member of Chartered Institute of Accountants of India (FICA),
and a fellow member of the Institute of All India Auditors (FSAA).

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Dr. Lujja Sulaiman (CSAA)
Managing Director
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Lujja is a seasoned banker, Islamic finance expert, Shari’ah advisor, and Shari’a auditor.
Previously, he headed Islamic banking & Islamic investments departments at Tropical bank and Microfinance Support Centre.
He participated in the process of amending Uganda’s legal framework to accommodate Islamic banking and finance and has worked with Government bodies, NGOs and the Private sector to develop Uganda’s Islamic financial sector.
He holds a PhD and an MBA in Islamic Banking & Finance from Malaysia, a Bachelor’s Degree in Shari’a from Saudi Arabia, and a Bachelor’s Degree in Accounting.
Professionally, he is a Certified Shari’a Adviser and Auditor (CSAA) from the Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

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Nabukenya Faridah
Executive Director
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She is a highly skilled finance specialist with over 15 years of experience in financial planning, investment strategy, and risk management.
She has successfully served at different institution both public and private, government and Non-Government Organizations (NGOs).
She holds a Masters in Islamic Banking and Finance (MIBF) from Islamic University in Uganda (IUIU), a post graduate diploma in Human Resource Management and a Bachelor of Commerce from Makerere University Kampala (MUK).

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Hajjat Nakirijja Jamidah
Director & Secretary
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She is a Businesswoman and a co-founder / Director of Diwan Islamic Finance Agency.
She is a Human Resource and Administration expert with a Masters of Business Administration (Human Resources Management and Administration specialization) and a Bachelor’s degree in Human Resources Management & Administration.
She has organized and led livelihood transformation initiatives for different Women groups, improving their knowledge, financial literacy, and teamwork skills.

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Counsel. Muhamad Ali Aluma
Board Member
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He has over a decade of combined professional experience in administration, management, lecturing and legal services.
He holds an honors Bachelor of Laws Degree, a post graduate diploma in legal practice from LDC, and a Masters in Law (LLM).
He currently serves as Assistant Secretary General, Uganda Muslim Supreme Counsel (UMSC).
He is a professional associate with over a decade’s experience in several well-established busy organizations, with interests and expertise in law practice.

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Mr. Moses Bazibu
Director
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He is a seasoned risk management professional with over a decade and a half of experience in ethical governance, financial oversight, and humanitarian operations across Africa, MENA, and Europe.
Currently serving with UNHCR Sudan, he champions risk management, integrity and ethical conduct, inclusive growth, and resource safeguarding.
He holds a Master’s in Accounting and ACCA (UK) certified.
His people-centered approach & commitment to ethical wealth stewardship resonate with BAITULMAL.

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Dr. Ahmed Moses
Consultant
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He is a qualified educationist who has taught in Uganda, London (UK) and Rwanda.
Worked as Dean, Faculty of Business & Management and later rose to Deputy Vice-Chancellor in charge of Academics at the University of Kigali Rwanda.
He worked at Greenland Bank.
Ahmed holds a PhD Islamic finance and Banking (London), MBA UEL – (London), Post Graduate Diploma in Education (PGDE)- IUIU Uganda, and Bachelors: (B.A) – IUIU – Uganda.

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Dr. Kiyita M. Kyambadde (FCCA)
Consultant
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He is a Public Financial Management, accounting, auditing and project management expert with over 33 years of practical experience in these fields.
He has worked for various International Programmes and projects management firms.
He has membership certification as; FCCA (UK), FCMA (UK), CPA (U), CGMA (USA), AIA, (UK). MCIPS-UK, PMP-Israel, CDIF-UK, CIIF, (Malaysia), holds a B.com (MUK), four Masters degrees in Accounting and Finance, Islamic Finance, Project Management and PhD in Islamic Finance.

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Mahawuya Kabuye Kasujja (FCCA)
Consultant
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He is an Islamic Finance Advisor with added expertise in Finance and Tax Advisory who graduated from Qatar-Foundation’s Hamad Bin Khalifa University (HBKU) with a MSc in Islamic Finance, Bachelor of Commerce in Accounting from Makerere and Member of ACCA.
He is currently pursuing a MSc. Taxation at the University of Oxford.
He has also previously worked as a Financial and Tax Advisor at Ernst and Young Qatar, France Telecom-Orange (U) Ltd and Ernst and Young Uganda.

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Sheikh Ausi Lutaaya
Shari’ah Advisor
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He is a renowned Islamic scholar and educator with over 25 years of experience in Islamic jurisprudence, finance, and community leadership.
He has served as a Shari’ah advisor for various Islamic financial institutions and organizations across East Africa, providing guidance on compliance with Islamic principles.
He holds a degree in Islamic Studies from Al-Azhar University in Egypt and is a respected member of several Islamic scholarly councils, including serving as a member of the Shari’ah Board for the Central Bank of Kenya and advisor to various Islamic NGOs and community organizations.

CONTACT US FOR PARTNERSHIP

+256 750 075300