Uganda Gets First Islamic Banking- Compliant Financial Institution.

Salaam Group the Djibouti-based banking institution, has launched Uganda's first Islamic banking-compliant financial institution.

Why is this important? Most African countries have a vibrant Islamic banking sector compared to Uganda's, which has 14% of its population as Muslims. Creating a new Islamic bank in Uganda presents an exciting opportunity to provide financial products compliant with Islamic Sharia law to a growing market of businesses and people.

The bottom line: Uganda is one of the promising African economies, with a projected GDP of 5.8 per cent in 2024, driven by its economic reforms. Providing Islamic finance that follows fundamental Islamic religious principles, non-interest payments provide a critical project funding source