“The Middle East investors can start operations either by acquiring a local bank or setting up a new Islamic bank in the country,” Grace Stuart Ndyareeba, deputy director of commercial banking at Bank of Uganda, said in an interview in Jakarta today, declining to name the banks.
Uganda hopes to pass amendments enabling Islamic finance by early 2012, Titus Mulindwa, deputy legal counsel at Bank of Uganda told reporters in Jakarta today.
“We’ve been studying amendments to the current banking rules to allow Islamic banks to own assets and are looking at refining tax laws for Islamic banks to operate,” Mulindwa said.
Around 12 percent of Uganda’s 33 million people are Muslims, according to the Central Intelligence Agency World Factbook.
“The interest in Islamic financial services is driven by the people,” Ndyareeba said. “As the central bank, we’re facilitating their needs.”
source : Bloomberg