The Board Chairman of Salaam Bank, Mr. Ibrahim M. Abdirahman
informed the President that he signed the Islamic bank regulations into
law at a time when the Islamic community really needed it.
“Indeed, you have been a true friend of this community. This licence for
Salaam Bank was handed over to us on the 8th of September 2023,
which was the birthday month of Your Excellency, Mr. President, we
sincerely thank you for supporting us wholeheartedly. The establishment
of an Islamic Bank marks a significant milestone in Uganda's journey
towards economic empowerment and inclusive financial growth,” he
said.
We are hopeful that the government of Uganda will embrace this
opportunity because of its immense benefits.”
In September last year, Bank of Uganda granted its first Islamic banking
license to Salaam Bank Uganda Ltd, a subsidiary of a Djibouti-based
bank after Parliament passed legislation to authorize Islamic banking,
which President Museveni signed into law in August 2023.
The event was also attended by Salaam Bank officials, Ugandan
government officials, religious leaders, among others.