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Africa

First Islamic Sharia compliant account launched in Uganda

Uganda’s Finance Trust Bank on Thursday October 20th launched the country’s first Islamic Sharia compliant account called ‘Halal’.

Prominent Muslim personalities attended the launch event held in the country’s capital Kampala.

Percy Lubega, head of business development at the bank, said: “We have today launched the Trust Halal savings account for individuals and businesses. This is the first time for a Sharia compliant account to be officially launched in the country.”

Haria Nakawunde, managing director of the bank, said the Halal account does not charge interest on money clients borrow from the bank.

The guest of honor, a prominent businessman in the country, Hajj Karim Kallisa, said Sharia compliant banking is not only for Muslims but for all.

In July, the country’s Cabinet approved a law to allow commercial banks to offer Islamic banking so that low income population has wider access to credit.

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