President Yoweri Museveni is set to officially launch Salaam Bank operations and kick start islamic banking options for the business community on 27th March at Kololo Independence ground this website has learnt.
Bank of Uganda in September last year granted its first Islamic banking license to Salaam Bank Uganda Ltd , a subsidiary of a Djibouti-based bank after the Djibouti-based bank finalized the requirements of acquiring Top Finance Bank in Uganda.
Salaam Bank officials said they are committed to offering banking services and offer loans in accordance with Islamic principles, with zero interest rates, as they officially launch their operations.
“Salaam Bank Limited brings a wealth of expertise and a commitment to delivering Sharia-compliant financial solutions to the people of all faiths in Uganda. With a vision to contribute significantly to the economic development of the region, Salaam Bank stands poised to serve as a beacon of Islamic banking, fostering financial inclusivity and innovation within the Ugandan community, “officials said.
Public views
“We are glad we now have an answer to the long list of questions we had. Salaam Bank is already in the country. Islamic banking option will empower muslims and other underprivileged communities with relief items to ease their fasting period,” Ms Hadijah Namyalo Manager Office of National Chairman said.
Permanent Secretary ministry of Finance Ramadan Goobi has urged the public to embrace Islamic financial services to participate in money economy.
According to Hajjat Hadijah Namyalo, the Office of the National Chairman of NRM (ONC) Manager says the President will hold special Ramadan Duwa Prayers to give thousands of Muslims Iftar package to break their fast as he officially launches Salaam Bank operations at Kololo ceremonial ground.
Salaam’s launch in Uganda follows the expansion in Asia, particularly in Malaysia as well as in Ethiopia and Kenya.
