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Uganda: Islamic banking gets nod from President Museveni

Posted on 15 August 2012

President Museveni wants negotiations on Islamic banking to take place in the next one month. The move is likely to pave way for the introduction of the Islamic banking model, also known as halala banking—where instead of a bank imposing interest, it shares the profit it accrues with the clients.
The President was speaking during an Iftar (breaking fast dinner) he hosted for Muslim Community together with his Wife, Janet Museveni on Monday. President Museveni, who also said he would love to borrow from a bank that uses the Islamic banking model, directed his staff to conclude the discussions on the matter by close of September so that its implementation can begin thereafter………………………………………..Full Article: Source

 
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