Rédaction Africa Links 24 with Uganda Monitor
Published on 2024-03-27 16:36:21
President Yoweri Museveni made history on Wednesday as he launched Salaam Bank Ltd, Uganda’s very first licensed Islamic Banking institution. This marked a significant milestone for the country, introducing a new form of banking based on Islamic principles that prohibit the payment and receipt of interest, instead focusing on profit-sharing and Sharia-compliant investment tools.
During the Ramathan dua prayers at Kololo Ceremonial Grounds, President Museveni emphasized the importance of fighting poverty and creating wealth, highlighting key sectors such as commercial agriculture, manufacturing, services, and ICT as avenues for economic development. He acknowledged the need for capital in these sectors and mentioned government interventions like Entandikwa, NAADS, Operation Wealth Creation, Emyooga, and Parish Development Model (PDM) to provide start-up capital for Ugandans.
President Museveni addressed concerns about riba (interest) in the PDM program, assuring Muslims that he would engage with their leaders to find solutions that align with Islamic teachings. He expressed his commitment to supporting all Ugandans regardless of their religion or tribe, citing examples like the Islamic University in Uganda and the establishment of Salaam Bank to promote inclusivity and economic growth.
Acknowledging the support from the government, the Minister of Foreign Affairs and International Cooperation of Djibouti commended the ambition of Salaam Group to expand its activities across the continent. The Board Chairman of Salaam Bank expressed gratitude for President Museveni’s support in obtaining the banking license and highlighted the significance of establishing an Islamic bank for economic empowerment in Uganda.
Salaam Bank officially received its license from the Bank of Uganda in September 2023 after Parliament passed legislation authorizing Islamic banking, which President Museveni signed into law. The launch event was attended by Salaam Bank officials, government representatives, religious leaders, and other dignitaries, celebrating the establishment of a new financial institution that aligns with Islamic principles.
In conclusion, the inauguration of Salaam Bank marks a historic moment for Uganda’s financial sector, introducing a new banking model that promotes economic empowerment and financial inclusion. President Museveni’s support for the Islamic banking institution demonstrates a commitment to diversity and equality, fostering a more inclusive and prosperous economy for all Ugandans.
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