CENTRAL bank is reviewing sections of the Financial Institutions Act 2004 to introduce Islamic banking in Uganda, Justine Bagyenda, executive director of supervision has said.
“The current act has a few restrictions on Islamic banking. We are proposing amendments in order to cater for Islamic banks and products so that business can be launched here.”
According to Bagyenda, Central bank staff have been trained in Malaysia on Islamic banking.
“We got technical assistance from Islamic Development bank,” she added.
Islamic banking refers to a system of banking that is consistent with the principles of Islamic law (Sharia).
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