Uganda has Committed to Establish an Islamic Bank in Partnership with ICD and Private Sector

The Government of Uganda has committed to establish an Islamic Bank in partnership with the Islamic Corporation for the Development of the Private Sector (ICD) and the Private Sector in Uganda. The announcement was affirmed by Matia Kasaija, Finance Minister of Uganda, who was addressing the inaugural meeting on the formation of the Islamic Bank in Uganda and the partnership offered by ICD, according to recent local media reports.

Why it Matters?

The presence of an Islamic Bank in Uganda would contribute to enhancing financial inclusion, increase access of the Private Sector to capital, as well as boost job creation. Kasaija stated that the Ugandan President Yoweri Kaguta Museveni had accepted ICD’s interest to partner with the country and that...