Museveni inaugurates Uganda’s first Islamic banking institution
29-March-2024
President Museveni has officially launched Salaam Bank, Uganda's first licensed Islamic banking institution.
Islamic banking follows principles based on Islamic law, which prohibit the payment and receipt of interest. Instead, it operates on profit-sharing arrangements and investment tools that comply with Sharia principles.
The President inaugurated the bank during the Ramathan dua prayers held at Kololo Ceremonial Grounds, organized by the Office of the National Chairman-NRM.
Addressing the attendees, Museveni extended his wishes for a fruitful Ramathan and offered prayers for the protection of Muslims. He also emphasized the importance of engaging in income-generating activities to improve livelihoods.
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