Uganda taps into Islamic banking market with entry of Salaam Bank
Nairobi, April 9 -- Uganda government's move to pass legislation allowing Islamic banking, and the subsequent licensing of Salaam Bank, show a growing demand for Sharia-compliant financial services.
Salaam, a subsidiary of a Djibouti-based lender by the same name, opened doors formally in Kampala last month, underscoring what officials said was to serve a growing niche of clients.
Uganda now joins other regional peers such as Kenya and Tanzania, which have opened a window for the issuance of financial services and investment products based on Sharia principles.
The two countries are among a growing list of Sub-Saharan African states placing greater emphasis on Sharia-compliant financial products as alternative financing, according to a...
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