Uganda Launches First Islamic Bank

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Uganda’s President Yoweri Museveni inaugurated the nation’s inaugural interest-free commercial Islamic bank, marking a significant milestone in the country’s financial landscape. The newly launched institution, Salaam Bank Limited, operating under the umbrella of a Djibouti-based bank, becomes Uganda’s pioneer provider of Islamic financing.

President Museveni emphasized the potential of Salaam Bank Limited to bolster the country’s financial sector and attract Muslim investors during the launch ceremony held in Kampala on Wednesday. He urged stakeholders to harness the bank’s capabilities to combat poverty and foster economic prosperity.

The establishment of Salaam Bank follows legislative measures enacted last year, granting the necessary regulatory framework for Islamic banking in Uganda. This legislation, endorsed by President Museveni, paved the way for the issuance of Salaam Bank’s license, enabling it to operate on principles of profit-sharing rather than interest-based transactions, as prescribed by Islamic finance principles.

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