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Tag Archives: Banking

Calls for Islamic Banking dominates Eid

Kampala, Uganda | THE INDEPENDENT | The call to operationalize Islamic Banking dominated Eid al Fitr prayers at Kibuli Mosque on Tuesday. Islamic banking is a system based on the Islamic economic guidelines in as far as the Sharia law is concerned. Under this system, the banks make profits through …

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Post Bank in turmoil over fraud

Kampala, Uganda | THE INDEPENDENT | Less than a month after the State House Anti-Corruption Unit swooped on Post Bank over embezzlement of funds, seven of its top employees including the bank’s MD Stephen Mukweli are now facing corruption charges at the Anti-Corruption Court. They were charged with abuse of …

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Afrexibank records 25% growth net profit to $275.9million

  Kampala, Uganda | ISAAC KHISA | Pan-African multilateral lender, African Export-Import Bank has released its abridged audited financial statements for the year ended 31 December 2018, showing strong financial and operational performance, with total comprehensive income for the year amounting to $285.4 million. The total comprehensive income reflects a …

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Agriculture tops Uganda’s January loan portfolio

Kampala, Uganda | THE INDEPENDENT | Agriculture might be finally catching financiers’ eye, with money disbursed to farmers topping all other sectors in January, according to official figures. Statistics from the Finance and Economic Development Ministry show that agriculture received 28% (Sh 283bn) of all loans disbursed in January up …

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Equity Bank partners with GOAL Uganda to empower youth

Kampala, Uganda | THE INDEPENDENT | Equity Bank (U) Ltd and the DYNAMIC (Driving Youth-led Agribusiness and Microenterprise) program in  their continued quest for financial inclusion have launched a partnership to bring access to formal financial services closer to the youth through Equity Bank’s agency banking and digital finance model. …

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dfcu launches asset financing promo

  Kampala, Uganda | THE INDEPENDENT | dfcu bank has partnered with MAC East Africa Limited and Insurance Company of East Africa to launch an asset financing campaign that will see customers purchase the latest Isuzu mu-X 2018 at a special offer price. Officials said on March 05 in Kampala …

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KASAIJA: Islamic Banking an opportunity for Ugandans

  Kampala, Uganda | THE INDEPENDENT | The Minister of Finance, Planning and Economic Development, Matia Kasaija has said the zero interest system in Islamic Banking should attract a good number of Ugandan entrepreneurs. According to Kasaija, Ugandans have been reluctant to borrow from banks due to the high interest rates …

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Pan-African bank unveils full operations in United Kingdom

Kampala, Uganda | ISAAC KHISA | Pan-African lender, United Bank for Africa, has unveiled a full operation in the United Kingdom, opening up trade opportunities between the continent and European nations. This follows authorization of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for UBA (UK) Limited …

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SUDHIR: Crane Bank sale was fraudulent

Kampala, Uganda | THE INDEPENDENT | The agreement for the sale of Crane bank to DFCU was shoddy and fraudulent, Former Crane Bank owner, Sudhir Ruparelia has told the ongoing Bank of Uganda probe. According to Sudhir, the Purchase of Assets and Liabilities (P&A) agreement signed between BoU and DFCU …

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