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President Yoweri Museveni has officially launched the national operations of Salaam Bank in Uganda. This is as he joined the Muslim fraternity for Duwa Prayers at Kololo Independence Grounds on Wednesday, March 27. Salaam Bank Uganda, a subsidiary of a Djibouti-based bank, received the licence at the central bank late on September 8, 2023, after the Ugandan Parliament passed legislation to authorise Islamic banking, which President Yoweri Museveni signed into law in August 2034. The legislation removed the requirement to establish a “central sharia advisory council”, which the Bank of Uganda had opposed. “I welcome you Salaam Bank to Uganda….
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Salaam Bank, formerly Top Finance Bank, has become the first financial institution in Uganda to be granted a license by the Bank of Uganda to offer Islamic Banking services. This followed the signing and handover of the operating license by the Deputy Governor, Bank of Uganda Michael Atingi-Ego to the Shareholders’ representative, Salaam Bank, Mr. Michael Mande, on Friday September 08th 2023. Speaking during the event, the Deputy Governor Dr. Michael Atingi-Ego reaffirmed the government and indeed Bank of Uganda’s salient mandate to provide an enabling economic environment that facilitates both local investments and attracts foreign investors. “As a strategically…
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