BOU Rejects start of the Central Shari’ah Advisory Council on Islamic Banking


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The establishment of the Central Shari’ah Advisory Council on Islamic Banking has been opposed by the Bank of Uganda (BOU) citing absence of scholars with the pre-requisite qualifications to sit on the Council.

During the session on Tuesday June 27, Muslim MPs on parliament’s finance committee were outraged by the statement, which they denied, and asked the Central Bank for proof. The section in the Financial Institutions Act is up for removal as part of the process of amending the six laws that seek to implement Islamic banking beginning next fiscal year.

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