New Islamic Banking Regulations to increase financial inclusion in Uganda
The Bank of Uganda recently released the Financial Institutions (Islamic Banking) Regulations (the “Regulations”), which were gazetted on 2 February 2018. The Regulations seek to operationalise Islamic banking in the country, which was introduced by The Financial Institutions (Amendment) Act, 2016 as part of its wider efforts to boost financial inclusion.
With this development, Uganda joins several African countries that have sought to develop the sector to expand financial access and inclusion among rural communities.
Persons seeking to undertake Islamic financial business may do so by applying for a licence to establish an Islamic bank, while conventional banks may apply for approval from the Bank of Uganda to operate Islamic banking windows.
- Tax Reform – Considerations for U.S. Multinationals
- Self-regulation and the Financial Self-Regulation Committee
- Supreme Court Limits the Scope of Safe Harbor Protection in Avoidance Actions
- British Virgin Islands' New Limited Partnership Act Offers Significant Changes
- ENSafrica appoints new banking and finance director
- ENSafrica launches ENSafrica intelligENS
- ENSafrica newsflash
WSG Member: Please login to add your comment.