President Museveni launches the first Islamic bank in Uganda urges on more Islamic Banks to Join the Ugandan Market
By The Public Lens
During a national event organized by the Office of the National Chairman (ONC) headed by Hajjat Hadijah Namyalo, President Yoweri Kaguta Museveni has officially launched operations of Salaam Bank in Uganda.
This rare occasion of launching an Islamic bank, the first of its kind in Uganda was held at Kololo ceremonial grounds.
The function was heavily attended by the Muslim fraternity who turned up in thousands for Duwa Prayers from all over the country. The President commended Hajjat Namyalo and her ONC team for the massive mobilization and for fostering unity among Ugandans.
”Hajjat Namyalo and your team you are doing an incredible job, am very happy. Thank you for bringing together all these masses of bazzukulu,” the president said.
Hajjat Namyalo in her remarks informed the President that for long, Muslims had yearned for a financial mechanism that does not contradict the principles of their religion and now that they have Islamic banking officially legalized in Uganda, they are ready to support Museveni in 2026 and beyond.
”Mr President Sir, you answered the key prayer of Muslims in Uganda the day you signed a law backing Islamic Banking in Uganda. All these thousands of bazzukulu gathered here today have come to thank you and they have since joined other bazzukulu across the country to ask you sir, to stand again in 2026, omalako jajja sigala ku ballot,” Namyalo appealed to the President.
Salaam Bank Uganda, a subsidiary of a Djibouti-based bank, received the license at the central bank late last year after the Ugandan parliament passed legislation which was signed by the president to authorize Islamic banking.
The legislation removed the requirement to establish a “central sharia advisory council”, which the Bank of Uganda had opposed.
In his remarks, Museveni said he will soon meet elders of Muslims in Uganda and so that they explain to him how some current government programs like the Parish Development Model contradict with some principles of their religion, and if he is convinced, the government will introduce pro-Islamic programs.
