• About
  • Contact
Saturday, May 31, 2025
  • Login
No Result
View All Result
NEWSLETTER
Now Then Digital
23 °c
Kampala
22 ° Fri
23 ° Sat
23 ° Sun
22 ° Mon
  • HOME
  • NEWS
  • POLITICS
  • BUSINESS
  • TECH
  • ENTERTAINMENT
  • LIFESTYLE
  • TIPS & ADVICE
  • HOME
  • NEWS
  • POLITICS
  • BUSINESS
  • TECH
  • ENTERTAINMENT
  • LIFESTYLE
  • TIPS & ADVICE
No Result
View All Result
Now Then Digital
No Result
View All Result
ADVERTISEMENT
Home Business

Salaam Bank Limited Receives First Islamic Banking License in Uganda

It's a subsidiary of Salaam African Bank of Djibouti and expanded into Uganda following its growth in Asia and Kenya.

Now Then Digital by Now Then Digital
September 10, 2023
in Business, Uganda
Reading Time: 2 mins read
1 0
A A
0
Bank of Uganda issues first Islamic Banking Licence

Bank of Uganda issues first Islamic Banking Licence to Salaam Bank Limited.

0
SHARES
25
VIEWS
Share on FacebookShare on Twitter

Salaam Bank Uganda is the first to offer Islamic banking in Uganda, following the new law.

KAMPALA, UGANDA | NOW THEN DIGITAL — Salaam Bank is the first in Uganda to secure an Islamic Banking License from the Bank of Uganda. It’s a subsidiary of Salaam African Bank of Djibouti and expanded into Uganda following its growth in Asia and Kenya.

Salaam Bank Uganda gets first Islamic banking license
Mr. Michael Atingi-Ego, issued the first Islamic Banking licence to Salaam Bank Limited.

The license follows President Yoweri Museveni’s signing of the Financial Institutions (Amendment) Act 2023, enabling Islamic Banking in Uganda.

Islamic Banking adheres to principles prohibiting interest on loans, opting for profit-sharing. It reduces repayment risks for enterprises and provides expert input.

Michael Atingi-Ego, Deputy Governor of the Bank of Uganda, affirmed central bank support for Salaam Bank in this endeavor, acknowledging Islamic banking’s potential contribution to Uganda’s financial sector development.

“The BoU is committed to providing oversight and support to Salaam Bank Limited as it embarks on this new journey. Islamic banking has the potential to make a significant contribution to the development of Uganda’s financial sector.” – Michael Atingi-Ego said.

Youmight also like

Health Ministry Backs Tech Crackdown on Road Offenders.

Ministry of Health Backs New Digital Penalty System to Curb Road Carnage

May 30, 2025
Kawempe North seat declared vacant after court rules election was flawed.

Uganda Court Nullifies MP Nalukoola’s Election Over Voting Irregularities

May 26, 2025
Kyabazinga of Busoga praised after graduating with honours from Ivy League institution.

Busoga’s Kyabazinga graduates from Yale University with a second Master’s degree

May 19, 2025
Ugandan Army Chief Muhoozi Admits Detaining Bobi Wine Bodyguard

Eddie Mutwe Held by Military, Uganda’s Top General Muhoozi Confirms

May 3, 2025

“Islamic banking has the potential to make a significant contribution to the development of Uganda’s financial sector,” said Dr Atingi-Ego.

The issuance of the Islamic Banking licence follows H.E @KagutaMuseveni's signing of the Financial Institutions (Amendment) Act 2023 last month, that paved way for the introduction of Islamic Banking in Uganda.#IslamicBankingUG

— Bank of Uganda (@BOU_Official) September 8, 2023

Salaam Bank management highlighted that these licenses enable Ugandans to access 100% Islamic financial products, enhancing the Ugandan banking market.

ADVERTISEMENT
“The licenses in Uganda will now allow Ugandan nationals to enjoy 100 per cent Islamic financial products, allowing the introduction of quality products and services to the Ugandan banking market,” Salaam Bank management said.
Editor’s Note: Please contact press@nowthendigital.com if you find any of the content to be inaccurate or outdated. 
Source: Now Then Digital
ADVERTISEMENT
Now Then Digital

Now Then Digital

Now Then Digital offers breaking news and opinion articles, giving you a unique opportunity to see what goes on behind the scenes in Uganda, Kenya, Nigeria, South Africa and elsewhere.

Recommended For You

Health Ministry Backs Tech Crackdown on Road Offenders.
Health

Ministry of Health Backs New Digital Penalty System to Curb Road Carnage

by Wafula Steven
May 30, 2025
Kawempe North seat declared vacant after court rules election was flawed.
Politics

Uganda Court Nullifies MP Nalukoola’s Election Over Voting Irregularities

by Now Then Digital
May 26, 2025
Kyabazinga of Busoga praised after graduating with honours from Ivy League institution.
News

Busoga’s Kyabazinga graduates from Yale University with a second Master’s degree

by Wafula Steven
May 19, 2025
Ugandan Army Chief Muhoozi Admits Detaining Bobi Wine Bodyguard
Politics

Eddie Mutwe Held by Military, Uganda’s Top General Muhoozi Confirms

by Wafula Steven
May 3, 2025
ADVERTISEMENT

Related Articles

Anne Kansiime Announces “New Era” on Instagram, Leaves Fans Guessing

Anne Kansiime Announces “New Era” on Instagram, Leaves Fans Guessing

3 months ago
Stanbic Partners with IBM to Drive Digital Transformation

Uganda’s Largest Commercial Bank Stanbic Partners with IBM to Drive Digital Transformation

2 years ago
now then digital breaking news

Musa Musasizi Sentenced to 105 Years for Grisly Murders of Four Girlfriends and Infant

1 year ago

Popular News

  • Anna Maria von Stockhausen Accused Victim of Superstition

    Who Was Anna Maria von Stockhausen: A Victim of Witch-Hunts in the 18th Century

    0 shares
    Share 0 Tweet 0
  • From Stenographer to Viral Sensation: The Story of Debra Bollman and Her Daughter Sophia’s Rise to Fame

    0 shares
    Share 0 Tweet 0
  • Symptoms and Treatment of Pernicious Anemia Tongue

    0 shares
    Share 0 Tweet 0
  • Key Tips to Identify Fake X Accounts Amid Growing Misinformation

    0 shares
    Share 0 Tweet 0
  • Ministry of Health Backs New Digital Penalty System to Curb Road Carnage

    0 shares
    Share 0 Tweet 0

Connect With Us

Join our Newsletter

Who We Are

Now Then Digital | Breaking News from Uganda & Africa

Latest headlines from Uganda, Africa & the world. Explore politics, entertainment, sports, finance & more on Now Then Digital.

Sign Up For Our Newsletter

Now On Pinterest

Uganda National ID Cards Cannot Be Used as Loan Security

NIRA Issues Warning Against Using National IDs for Loans

Azawi Live At Serena dates and venue announced

Azawi Confirms 'Azawi Live At Serena' Concert

From Our Partners

  • Editorial Policy
  • Disclaimer
  • Corrections Policy
  • Fact-Checking Policy
  • DMCA Policy

© 2025 Now Then Digital - Breaking News from Uganda, Kenya, Nigeria & South Africa.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
    • Movies
    • Music
    • Sports
  • Lifestyle
    • Fashion
    • Travel
    • Tech
  • Health
  • Food

© 2025 Now Then Digital - Breaking News from Uganda, Kenya, Nigeria & South Africa.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.