Bank of Uganda issues first Islamic banking licence

Bank of Uganda, Kampala
Bank of Uganda, Kampala

The Bank of Uganda granted its first Islamic banking licence on September 8. Salaam Bank Uganda, a subsidiary of a Djibouti-based bank, received the licence at the central bank’s offices from deputy governor Michael Atingi-Ego.

The Ugandan parliament passed legislation in June to authorise Islamic banking, which president Yoweri Museveni signed into law in August. The legislation removed the requirement to establish a “central sharia advisory council”, which the Bank of Uganda had opposed.


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