The Observer

Banks want 'costly' Islamic banking regulations adjusted

Banks in Uganda have petitioned the central bank to review key regulations in Islamic banking to make it less costly for the banks. According to Patrick Mweheire, the chairman of Uganda Bankers' Association (UBA), the current regulation requires that a commercial bank that applies to offer Islamic banking must have its own sharia panel comprising nine muftis. Mweheire suggested that UBA should instead have one panel which can be used by all its members when advancing Islamic banking products to the public. UBA CEO Wilbrod Owor said there were a lot of issues in the sector that affect them and need their attention: money laundering, terrorism finance, and digital technologies etc.

IBSA to extend Islamic banking in Africa

Recently, the Islamic Banking Summit Africa (IBSA) started at the Djibouti Palace Kempinski, Djibouti. The main purpose of the event is to make use of the Africa opportunity in Islamic finance. More than 200 leading figures in the international Islamic banking and finance industry took part in the discussions on the topic. A special address by Ismail Omar Guelleh, President of Djibouti, and a keynote address by Djama M. Haid, Governor of the Central Bank of Djibouti, were included in the summit. Key challenges for Islamic banking in Africa were analyzed and discussed at length.

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.

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