President Museveni To Launch Salaam Bank Amid ONC’s Ramadan Support For Fasting Muslims

By Gad Masereka

Kampala, Uganda – In a significant move towards financial inclusion and empowerment, President Yoweri Kaguta Museveni is set to preside over the official launch of Uganda’s Salaam Bank on Wednesday, 27th March 2024, at Kololo ceremonial grounds. This event marks the establishment of the country’s first-ever financial institution grounded in the principles of Islamic Banking.

The announcement was made by Hajjat Haidjah Namyalo, the Manager of the Office of the National Chairman of NRM (ONC), who highlighted that Salaam Bank’s operations align with Islamic principles, offering banking services and loans with zero interest rates. This initiative has been widely welcomed by the Muslim community, expressing gratitude to President Museveni for permitting the Islamic Banking System and enacting laws to support it.

The official launch of Salaam Bank coincides with the special Ramadan Duwa Prayers, where thousands of fasting Muslims are expected to gather. The event aims not only to mark the beginning of Salaam Bank’s operations but also to provide relief to underprivileged communities during the fasting period.

Speaking about the significance of this development, Hajjat Namyalo emphasized, “We are glad we now have an answer to the long list of questions we had. Salaam Bank is already in the country, and we shall be launching it on that day.” The banking institution’s focus on Islamic principles, particularly zero interest rates, addresses concerns within the Muslim community regarding financial practices.

Furthermore, the Central Bank of Uganda granted Salaam Bank Uganda its first Islamic banking license in September last year, solidifying its position as a key player in the country’s financial landscape. The move towards Islamic banking gained momentum with legislative support from the Ugandan parliament in June, followed by President Museveni’s endorsement in August 2023.

In addition to the financial empowerment aspect, the ONC Duwa Prayers will witness a generous donation from the Fisheries Body – ALAFU, contributing two bulls towards the preparations for the event. This gesture underscores the collaborative efforts to support and uplift fasting Muslims during Ramadan.