Kasolo was addressing members of the Kayunga Muslim District Sacco during a meeting at Kayunga District headquarters.
The meeting aimed at sensitizing members on embracing a saving culture and about Muslim banking in preparation of the inauguration ceremony of the Sacco later this month by President Museveni.
The Muslim Sacco is run on principles of Islamic banking whereby it is not allowed to pay and receive interest but rather it profit sharing.
Still on Tuesday, Kasolo expressed disappointment that some Muslims had misinterpreted the principle to mean not paying any interest on a loan.
“Some Muslim faithfuls have refused to join and receive PDM, Emyooga funds because they claim these programs are lembah, which is not true. Islamic banking only prohibits paying and receiving interest but allows profit sharing,” he noted.
The former Kyotera County MP also lashed out at beneficiaries of Emyooga funds in Buganda region for mismanaging the program, noting that the same program was doing well in western Uganda.
“In Buganda the executive members shared the Emyooga funds and the Saccos have closed down, but I have been in Western Uganda and the Emyooga program has changed lives in that area,” the minister said.
Urging residents to embrace a saving culture, Kasolo who donated Shs1m to the Sacco, said he has embarked on a country wide PDM monitoring program and any official found to have embezzled the funds will be arrested and prosecuted.
Sulaiman Madada, a Muslim leader in the district told the gathering that Islamic banking will ensure financial inclusion.
He also revealed that their Sacco has developed a five-year strategic plan to ensure that Muslim leaders in the district have income generating projects.
They target having over 500 members in the Sacco.
Meanwhile, over 18 million Ugandans are said to be living in poverty, according to official government data.
Story Source: Daily Monitor