M7 launches Salaam Bank, the first Islamic Banking institution in the country

President Museveni launching Salaam Bank at Kololo today {PHOTO CREDIT - JK}

By Jose Kabale

KAMPALA - Salaam Bank Limited, formally Top Finance Bank Limited is a subsidiary of Salaam African Bank of Djibouti licensed on September 08th, 2023 by the Bank of Uganda to offer Banking services in Uganda.

The bank is intended to extend financial services that align with the Islamic tenets such as loans which do not attract interests but rather share profits after investment.

While launching the Bank into service at Kololo ceremonial grounds today, the President of Uganda Rt.Gen.Yoweri Kaguta Museveni, noted with concern that most Muslims have not embraced some government programs like the Parish Development Model (PDM) because of Riba (Exploitative gains or profits made in trade).
To cure this, Museveni disclosed that he is preparing to meet with leaders of the Muslim community in Uganda to improvise a definite resolution to the issue.

"I want to meet these sheikhs and I talk to them, then we see what they call Riba, so that they explain to me well about it..." said the president in Luganda.

The Bank's board Chairman Ibrahim Abdirahman stated that the institution shall provide financial services under the Sharia law of which the government will be able to tap and generate capital for infrastructure development.

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