The Ugandan government has recently approved the regulation of Islamic banks in consultation with its Central Bank.
These rules will be published soon says Governor of its central bank,Emmanuel Tumusiime-Mutebile. He said the idea is to support financial inclusion efforts among East African countries.
In West Africa, we can cite examples of Côte d’ Ivoire, Senegal, Niger and Togo, which have already issued sukuks, an investment certificate in accordance with Islamic law. This is the equivalent of bonds in traditional finance.
Not surprisingly, Nigeria is among the pioneers of Islamic banking on the sub-region.
On the business segment of the Morning Call,Our William Bahiya examines the proliferation of Islamic banks in Africa and takes a look at the pros and cons on the financial sector of the continent.