Published 1 month ago

Uganda launches first-ever interest-free Islamic banking

Summary by Ground News

President Yoweri Kaguta Museveni has launched Salaam Bank, Uganda's first ever licensed Islamic Banking institution. The President launched the bank today during Ramathan dua prayers organised by the Office of the National Chairman-NRM at Kololo Ceremonial Grounds. Islamic banking is a form of banking based on Islamic principles.

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Anadolu Ajansı

Uganda launches first-ever interest-free Islamic banking

Islamic banking has potential to significantly contribute to development of Uganda's financial sector and attract more Muslims to invest in economy, says President Museveni - Anadolu Ajansı

1 month ago·Türkiye

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The Ankole Times

President Museveni Launches Uganda’s first ever Islamic Banking Institution

President Yoweri Kaguta Museveni has launched Salaam Bank, Uganda’s first ever licensed Islamic Banking institution. Islamic banking is a form of banking based on Islamic principles. Basically, in Islamic banking it is not allowed to pay and receive interest but rather it is based on profit sharing. Islamic banks focus on generating returns on investments through investment tools that are “Sharia” compliant. The President launched the bank today…

1 month ago

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