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Tag Archives: Islamic banking

Gov’t tasked to expedite implementation of Islamic banking

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 …

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Muslim clerics in Busoga call for operationalization of Islamic banking

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, …

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Parliament tasks Minister Kasaija on Islamic banking

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 …

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Parliament issues gov’t ultimatum over Islamic banking

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 …

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Three entities apply to offer Islamic banking services

  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 …

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VIDEO: Bank of Uganda warns on Islamic banking

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 …

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