Emmanuel Tumusiime-Mutebile

#Uganda to publish Islamic banking rules soon -central bank

The government of Uganda has approved regulations covering Islamic banking. Governor Emmanuel Tumusiime-Mutebile said that once the regulations are gazetted, the central bank would be open for applications from financial institutions to offer sharia-compliant products. Uganda joins several African countries that have sought to develop interest-free banking in recent years, including Nigeria, Morocco and Senegal. Despite small populations of Muslims, countries such as Uganda, Kenya and Ethiopia are also developing the sector to expand financial access and inclusion. In December, the central bank of Uganda became an associate member of the Islamic Financial Services Board (IFSB), one of the industry’s main standard-setting bodies.

What Ugandans need is Islamic banking

Contact Group on Islamic Banking had used the 12th Bank of Uganda annual eid party as an opportunity to discuss with bank governor of the Uganda's central bank the introduction of Islamic banking. Uganda's Muslims believes that the country should introduce other forms of banking systems due to their unique characteristics, especially Islamic financing, which is putting emphasis on worthiness, fairness and profitability.

See more under: http://www.observer.ug/index.php?option=com_content&view=article&id=2088...

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