Skip to main content

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.

Comments

Post a Comment

Popular posts from this blog

2 arrested over Penis found in food of Kampala restaurant

  By Jose Kabale Kampala The Kampala Metropolitan Police (KMP) has instituted a probe into the circumstances under which a local restaurant in Kampala allegedly served what the complainant believes to be a young male's genitalia in his food. According to Police, the customer had just started eating rice, matooke and beef stew meal when he noticed a suspicious flesh. He consequently inquired from the waitress and the eatery owner who seemed not to have an idea as they reasoned that they had bought the meet from the butchery. After informing Police, detectives visited the scene and collected the alleged genital flesh for investigation. While addressing the weekly security presser at Naguru police headquarters in Kampala yesterday, the Deputy KMP police spokesperson Luke Owesigyire stated that both the local restaurant owner and the waitress had been released on a police bond as they wait for the report from police forensic experts. " We submitted this to pathologists and we are ...
1 comment
Read more

City Traders engage in a violent brawl during a URA meeting

John Musinguzi, The Commissioner General of URA speaking to Journalists at UMA hall in Lugogo By Joseph Kabale Kampala While as the Commissioner General of the Uganda Revenue Authority (URA) John Musinguzi has evidently done all to establish a rapport between the traders and the tax man (URA), the relationship seems to be deteriorating at every attempt. It's important for the reader to remember that on March 14th, 2024, KACITA leadership held a confidential meeting with the traders after which they disclosed that they had resolved to call for the suspension of EFRIS taxation policy and vowed never to cooperate with URA until all the traders are well sensitized about the same. It's on the above ground that city traders, URA and other stakeholders convened a sensitization meeting at the Uganda Manufacturer's Association (UMA) yesterday purposely to educate the traders about the Value Added Tax (VAT) and the controversial Electronic Fiscal Receipting and Invoicing Solution (EF...
Post a Comment
Read more

Police warns politicians against politicizing Kabaka Birthday Run

Luke Owesigyire {middle} during a security briefing held at Bulange Mengo today. {Photo credit - Jose K} Jose Kabale Ahead of the Buganda Kabaka Birthday run, an event that precedes his birthday, the security agencies have issued various directives to ensure safety of the participants and the public in general. Being a social - cultural event, the KMP spokesperson Luke Owesigyire deemed it imperative to sound a warning to political opportunists to desist from interfering with the event which is a few hours away. “It's imperative to emphasize that the event is a cultural celebration for the kingdom, and we discourage any attempts to politicization.” Said Owesigyire The Kabaka Birthday Run is a highly anticipated event on the Buganda Kingdom’s calendar as it precedes the celebration of the Kabaka, Ronald Muwenda Mutebi II, birthday which champions noble causes that resonate with the nationals' affairs. Just like the previous year, this year’s theme, “Men against AIDS to save the ...
Post a Comment
Read more