Uganda marks its entry into the Islamic banking sphere with the inauguration of Salaam Bank in Kampala, a subsidiary of Djibouti-based Salaam Bank. This milestone follows the Ugandan government's facilitation of Sharia-compliant financial services legislation, signaling alignment with regional counterparts like Kenya and Tanzania.
The launch responds to the increasing demand for ethical financial solutions in Sub-Saharan Africa, tapping into a market estimated at $375 billion, particularly pertinent given Uganda's sizable Muslim population and infrastructure financing needs. Salaam Bank's introduction underscores Uganda's commitment to financial inclusivity and innovation, positioning the nation for sustainable economic growth.