Regulations for Islamic Banking Have Been Announced for Clients

In July, the Central Bank of Uganda announced that regulations for Islamic banking have been prepared and it is now ready to issue licenses for the provision of various products and services. The efforts to build these regulations have been going on for a few years and the activities include spreading awareness among the public about Islamic banking, formulating the policies of this sector in addition to preparing qualified professionals who know how to implement those policies. In this regard, the Islamic University of Uganda launched a course in Islamic banking in 2016 to close an envisaged human resource gap.