Tropical Bank geared to pilot Islamic Finance and Banking in Uganda

In January 2016, parliament passed the Financial Institutions Amendment Bill, 2015, which provides legal regimes governing mobile money banking and transfers, agency banking, Islamic banking, and finance and bancassurance.

The legal regimes help the country to attract cheap funds from Islamic institutions or governments as it takes advantage of being a member of the Organisation of Islamic Co-operation.

“The true Islamic finance system is determined by the robustness of its sharia governance system. The governance system is also effective when there is a strong advisory board that ensures end-to-end compliance of the bank operations,” said Lujja Sulaiman, the manager of the Islamic banking unit at Tropical Bank Ltd.
“Appropriate infrastructure should be put in place for governance”. Reference ;The East African Newspaper October 21-27,2017 Business