Uganda’s Ministry of Finance Given Deadline to Regulate Islamic Finance Industry

Following the sluggish manner behind the development of a legal framework for Islamic Finance, Uganda’s Ministry of Finance, Planning and Economic Development (MOFPED) now has until the end of the current week to pen down regulations pertaining to Islamic Finance in Uganda.

According to media reports, the MOFPED was supposed to list the enabling legal framework, following the amendment of the Financial Institutions Act of 2004, four years ago. However, Kawempe North Legislator, Abdul Latif Sengendo Sebagala, stated that the Ugandan president, Yoweri Museveni, had been misled into believing that the MOFPED had made progress in the development of these regulations.

Sebagala stat...