The ministry of Finance in Uganda has received a directive from the government, ordering them to revise a law regulating financial institutions to include Islamic banking and mobile money transactions which are proving to be ever more popular. This means that, with this inclusion, it will no longer be possible for business people to breach the contract or exhibit questionable behaviour.
“The government has decided to increase on the monitoring terms of this service since the telecommunications companies are transacting large sums of money from the public,” said Rosemary Namayanja,Uganda’s Minister of Information
The minister added that the introduction of Islamic banking was appropriate as it would meet both local and foreign request to the Bank of Uganda to come up with a good environment for Islamic Banking business.
“Banking insurance has also been introduced to enable all banks which have been requesting to provide this service to its customers in conjunction with insurance companies as established in the Insurance Amendment Act as implemented by the Insurance Regulatory Authority,” said Namayanja.