Uganda opens first interest-free commercial Islamic bank

Uganda has inaugurated its first interest-free commercial Islamic bank, called Salaam Bank, which will operate in accordance with Islamic principles, Anadolu Agency reported.

Ugandan President Yoweri Museveni officially launched the bank in Kampala and expressed his belief that Islamic banking has the potential to make a substantial contribution to Uganda’s financial sector, the news agency said.

Museveni emphasized the importance of attracting more Muslim investors to the country’s economy and stated that Uganda values equality and does not discriminate based on religion or tribe, which has been instrumental in the country’s social and economic development.