Wednesday, Oct 5, 2022
International Finance
Islamic Banking

Islamic Banking regulations approved by the government of Uganda

The Central Bank will soon publish the new approved regulations
The Central Bank will soon publish the new approved regulations

The Central Bank will soon publish the new Islamic Banking regulations recently approved by the government of Uganda.

Islamic Financial Services Board (IFSB) is a prominent body in establishing standards for Islamic Banking. In December, the Central Bank became an associate member of IFSB, according to The Standard.

Governor Emmanuel Tumusiime-Mutebile in a speech at Uganda Bankers’ Association said the Bank will encourage applications from financial institutions to offer sharia-compliant products.

Countries such as Kenya, Uganda and Ethiopia hold a minority of Muslim population, and yet, are focused on expanding the sector with proper financial access. In recent years, Nigeria, Morocco and Senegal were inclined towards interest-free banking. Now Uganda has joined the list to develop the Islamic Banking sector in Africa.

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