Middle Eastern Banks Apply to Offer Islamic Financial Services in Uganda
Uganda has received applications from three Islamic banks in the Middle East to offer Shariah- compliant financial services in the country.
The African nation is changing its banking rules to allow lenders to operate under Islamic law and representatives from its central bank are in Jakarta to learn from Indonesia’s experience. Southeast Asia’s largest economy, home to the world’s largest Muslim population, passed a law in 2008 to allow banks to offer services that comply with Islam’s ban on interest.
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