Uganda issues first Islamic banking licence

Uganda’s central bank has issued its first Islamic banking licence since the country passed legislation to accommodate syariah-compliant finance activities in June.The licence went to Salaam Bank Ltd, a unit of Djibouti-based Salaam African Bank, the Bank of Uganda said in a statement.

The adoption of Islamic finance, which doesn’t allow the charging of interest, could unlock significant growth in East Africa’s third-biggest economy by attracting customers who have avoided traditional lenders on religious grounds.

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