Ugandan bank launches 1st Islamic Sharia compliant account

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Uganda’s Finance Trust Bank on Thursday 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 of humanity.

Hajj Isah Ssekitto, the spokesman of Kampala city traders association, said: “I am happy to be at this launch just like most of my colleagues who are here.” Imam Ibrahim Kasozi said: “At last we have a bank that befits our religious beliefs. Urge all Muslims to open up accounts in this bank.”

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.—AA

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