https://en.sputniknews.africa/20240328/ugandan-president-unveils-countrys-first-interest-free-islamic-banking-institution-1065803843.html
Ugandan President Unveils Country's First Interest-Free Islamic Banking Institution
Ugandan President Unveils Country's First Interest-Free Islamic Banking Institution
Sputnik Africa
Following parliamentary approval and subsequent enactment into law by President Museveni, Salaam Bank Uganda, a subsidiary of a Djibouti-based financial... 28.03.2024, Sputnik Africa
2024-03-28T15:16+0100
2024-03-28T15:16+0100
2024-03-28T15:16+0100
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Ugandan President Yoweri Museveni has officially launched the nationwide operations of Uganda's first interest-free commercial Islamic bank operating in accordance with Islamic principles.During the inauguration ceremony of Salaam Bank in Kampala, President Museveni emphasized the transformative potential of Islamic banking in strengthening Uganda's financial landscape and encouraging increased investment from the Muslim community in the nation's economic ventures.President Museveni reiterated the government's commitment to equality for all citizens, regardless of religious or tribal affiliation, and underscored Uganda's commitment to social and economic progress through inclusive policies.He added, "When they told me about Islamic banking, I told them I had no problem with it. I said we should let them operate, and that is why we have Salaam Bank now."Sheikh Erias Kigozi, a respected Ugandan cleric representing the Muslim community from Wakiso District, commended President Museveni for his leadership and support in implementing Islamic banking principles and providing a progressive financial framework for Muslims in the country.Djibouti's Foreign Minister, Mahmoud Ali Youssouf, conveyed President Ismail Omar Guelleh's warm greetings to President Museveni and underscored Salaam Bank's commitment to expanding its financial services footprint across Africa, highlighting Uganda as an emerging market with a stable and secure financial environment.Salaam Bank Chairman Ibrahim M. Abdirahman underscored the inclusive nature of Islamic banking, noting that its ethical foundations and values appeal to both Muslim and non-Muslim populations in Uganda.The emergence of Uganda's first interest-free Islamic banking institution is in line with global trends as forecast by S&P Global Ratings, which predicts steady growth of around 10% in the Islamic finance industry in 2023-2024 despite prevailing economic challenges, following a pattern of expansion observed in 2022.
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uganda, djibouti, yoweri museveni, east africa, bank, banking, islam, eurasian economic union, economic growth, finance
Ugandan President Unveils Country's First Interest-Free Islamic Banking Institution
Muhammad Nooh Osman
Writer/Editor
Following parliamentary approval and subsequent enactment into law by President Museveni, Salaam Bank Uganda, a subsidiary of a Djibouti-based financial institution, secured the first Islamic banking license from the Bank of Uganda in September last year, paving the way for the bank's operational debut in Uganda.
Ugandan President Yoweri Museveni has officially launched the nationwide operations of Uganda's first interest-free commercial Islamic bank operating in accordance with Islamic principles.
During the inauguration ceremony of Salaam Bank in Kampala, President Museveni emphasized the transformative potential of
Islamic banking in strengthening Uganda's financial landscape and encouraging increased investment from the Muslim community in the nation's economic ventures.
President
Museveni reiterated the government's commitment to equality for all citizens, regardless of religious or tribal affiliation, and underscored Uganda's commitment to social and economic progress through inclusive policies.
"I encourage you to fight poverty and create wealth," he remarked. "Some people were initially opposed to the establishment of Uganda's Islamic University. I said no; let it operate. It has now produced a large number of graduates in various professions, including non-Muslims."
He added, "When they told me about Islamic banking, I told them I had no problem with it. I said we should let them operate, and that is why we have Salaam Bank now."
Sheikh Erias Kigozi, a respected Ugandan cleric representing the Muslim community from Wakiso District, commended President Museveni for his leadership and support in implementing Islamic banking principles and providing a progressive
financial framework for Muslims in the country.
Djibouti's Foreign Minister, Mahmoud Ali Youssouf, conveyed President Ismail Omar Guelleh's warm greetings to President Museveni and underscored Salaam Bank's commitment to expanding its financial services footprint across Africa, highlighting Uganda as an emerging market with a stable and secure financial environment.
Salaam Bank Chairman Ibrahim M. Abdirahman underscored the inclusive nature of Islamic banking, noting that its ethical foundations and values appeal to both Muslim and non-Muslim
populations in Uganda.
The emergence of Uganda's first interest-free Islamic banking institution is in line with global trends as forecast by S&P Global Ratings, which predicts steady growth of around 10% in the Islamic finance industry in 2023-2024 despite prevailing economic challenges, following a pattern of expansion observed in 2022.
