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Viewing cable 06KIGALI489, REACHING OUT TO THE RWANDAN MUSLIM COMMUNITY

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Reference ID Created Released Classification Origin
06KIGALI489 2006-05-22 15:05 2011-08-24 00:00 UNCLASSIFIED Embassy Kigali
VZCZCXYZ0001
RR RUEHWEB

DE RUEHLGB #0489 1421505
ZNR UUUUU ZZH
R 221505Z MAY 06
FM AMEMBASSY KIGALI
TO SECSTATE WASHDC 2795
UNCLAS KIGALI 000489 
 
SIPDIS 
 
DEPT FOR AF/C AND AF/EPS 
DEPT FOR USAID FOR AFR/EA, PPC, AND AFR/SD 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: EFIN EINV ODIP SCUL RW
SUBJECT: REACHING OUT TO THE RWANDAN MUSLIM COMMUNITY 
 
 
1. On May 13, Ambassador attended the opening ceremony of Al- 
Halaal Micro-Finance Institution, a new private financial 
credit company established consistent with Islamic banking 
principles.  The Ambassador's participation was part of 
post's continuing effort to reach out to the Muslim 
community, which has also included developing a good working 
relationship with the Mufti of Rwanda and with the 
predominantly Muslim political party, Parti Pour la 
Democratie Ideale (PDI).  Also in attendance were the 
British Ambassador, the Libyan Charge, the Minister of 
Internal Security, and a Parliamentarian.  The guest of 
honor was the Minister of Finance and Economic Planning, 
James Musoni, who underscored the government's support of 
the Muslim community and the importance of institutions such 
as Al-Halaal that provide Rwandans much needed access to 
capital. 
 
2.  Al-Halaal started banking operations in February, and 
currently has 10 employees and 615 customers, and has 
already extended over 12 million Rwandan Francs (around USD 
22,000) in credit.  Its mission is to assist customers to 
access credit on easier terms than available from 
traditional banks and to create a vehicle by which to spur 
development within the Muslim community.  The new bank is 
capitalized entirely by members of the Rwandan Muslim 
community. 
 
3.  Al-Halaal's banking operations are guided by Islamic 
law, which prohibits the collection and payment of interest. 
It also prohibits trading in financial risk and investing in 
businesses that sell alcohol or pork, or businesses that 
produce un-Islamic media.  Instead of collecting interest, 
Islamic banks offer financing on a profit and loss sharing 
basis.  With equity financing, losses are shared by the 
financier along with the entrepreneur based on the ratio of 
their respective capital invested.  The profits, however, 
are distributed according to a pre-negotiated agreement with 
the investors.  Thus, while officially licensed under the 
Rwandan Central Bank, Al-Halaal operates more like a private 
equity fund than a depository institution like other banks 
in the country.  Depositors are essentially putting funds 
into a pool that they hope will appreciate. 
 
4.  COMMENT: While Al-Halaal and its Islamic banking 
principles are a first in the region, Islamic banking is 
managing up to an estimated USD 200 billion worldwide.  The 
opening of Al-Halaal is a good example of Rwanda's efforts 
to take new initiatives that can serve as a model for the 
region. The presence at the opening of a high-level 
government minister demonstrated the GOR's support for the 
historically marginalized Muslim community.  The Muslim 
community appeared to be extremely appreciative of US 
Embassy's outreach to the Muslim community. 
 
 
ARIETTI