Uganda launches first interest-free banking
Ugandan President Yoweri Museven has inaugurated the national operations of the country’s first interest-free commercial Islamic bank.
He highlighted its potential to boost Uganda’s financial sector and attract Muslim investors.
Salaam Bank received its license in September, following parliamentary approval and Museveni’s endorsement.
The launch garnered praise from Sheikh Erias Kigozi and Djibouti’s Foreign Minister Mahmoud Ali Youssouf.
Salaam Bank’s Chairman Ibrahim M. Abdirahman highlighted the widespread acceptance of Islamic banking, including among non-Muslims.
The global Islamic finance industry is projected to grow by 10% in 2023-2024, per S&P Global Ratings.
Sheikh Erias Kigozi, a Ugandan cleric, thanked the government for making it possible to have a banking system based on Islamic principles.
Have Your Say!
Have you been affected by the issues raised in this story? Please share your experiences by emailing haveyoursay@soundvision.com.
Please include a contact number if you are willing to speak to a Muslim Network TV’s representative. You can also get in touch in the following ways:
Tweet: @MuslimNetworkTV
We must take charge of our narrative. Research indicates that 92% of their Muslim coverage is negative. Help us change that.
