Bank of Uganda issues first Islamic banking licence
Policy-makers hope interest-free lending will increase financial inclusion
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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