Tag Archives: Islamic banking

Kampala, Uganda | THE INDEPENDENT | Salaam Bank Uganda Ltd has become the first commercial bank to acquire a license to offer Islamic banking services in Uganda. Salaam Bank is a Ugandan subsidiary of Salaam African Bank of Djibouti, through Top Finance Bank which it acquired in August last year. Salaam …

  Kampala, Uganda | THE INDEPENDENT | More financial institutions are coping with the new regulations that were introduced to strengthen the sector. These include the increase in the minimum working capital requirements for commercial banks from sh25 to 120 billion by December 2022 and sh150 billion by June 2024. …

Kampala, Uganda | THE INDEPENDENT | Parliament has been advised to carefully deliberate the enactment of the requisite laws to govern the operations of Islamic Banking in Uganda, warning of the likely ramifications in case of any lapse. Tax expert, Cephas Birungyi, a Team Leader at Birungyi, Barata, and Associates …

Kampala, Uganda | THE INDEPENDENT | The Speaker of Parliament, Anita Among has given the government two weeks to present before the House a Bill seeking to give commercial banks power to regulate Islamic banking. This was during the plenary sitting on Wednesday in which Members of Parliament queried the delayed …

Islamic banking operates in line with Sharia law that prohibits the charging of interest and speculation Kampala, Uganda | THE INDEPENDENT | The Secretary-General of the Uganda Muslim Supreme Council, Alhajji Ramadhan Mugalu has asked the government to expedite the implementation of Islamic banking. Speaking at the Gaddafi National Mosque in …

Jinja, Uganda | THE INDEPENDENT | Muslim clerics in the Busoga sub-region have tasked the government to quicken the operationalization of Islamic banking. They argue that it will empower impoverished Muslims to easily start-up business enterprises of their own. Islamic banking is provided for in the Financial Institution’s Amendment Act of 2016, …

Kampala, Uganda | THE INDEPENDENT | Parliament has tasked Finance Minister Matia Kasaija to explain the delayed implementation of Islamic banking which is provided for in the Financial Institutions (Amendment) Act, 2016. Islamic banking operates in line with Sharia law that prohibits the charging of interest and speculation. During plenary, the …

Kampala, Uganda | THE INDEPENDENT | The Speaker of Parliament Rebecca Kadaga has directed the Minister of Finance Matia Kasaija to table before the House regulations to start the implementation of Islamic banking by 21st July. Kadaga’s directive followed a matter of national importance raised by Kawempe North MP Latif …

  Kampala, Uganda | THE INDEPENDENT | Three entities have applied to Bank of Uganda-BoU seeking to offer Islamic Banking services, according to the Deputy Governor, Dr. Louis Kasekende. He disclosed this during the BoU Town council hall meeting at Brovad Hotel in Masaka this morning. Dr. Kasekende explained that …

VIDEO: The Bank of Uganda has warned that the Islamic banking may fail in the country if it is abused by commercial banks. According to Justin Bagenda, the executive Director supervision at Bank of Uganda, the commercial banks that are to embrace the new form of banking need to be aware …