IslamicFinance.de

The Ugandan government reviewed the Financial Institutions Act 2004, that allowed the introduction of both Islamic and Agency banking. However, Islamic finance agitators still believe that without the revision of the Central Bank Act, the Hire Purchase Act, The Stamp Duty Act and the Accounting Principles Act, it will be difficult for Islamic finance to deepen in Uganda. Sulaiman Lujja from the Islamic University in Uganda says Central Banks have to develop, adopt and adapt various policies and prudential guidelines.