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.
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