President Museveni has made a significant announcement this afternoon by launching Salaam Bank at the Kololo ceremonial ground. This marks a historic moment as it is the first Islamic banking institution in Uganda. During the launch, President Museveni expressed his commitment to ensuring that the bank is aligned with the needs of the Muslim community. He stated that he will consult with the Sheikhs to determine if the Profit and Loss Sharing (PLS) model, also known as PDM, is suitable for Muslims. If it is found that PDM is not suitable, President Museveni assured that he will work towards finding a way to incorporate alternative Islamic banking principles through this newly established bank. This demonstrates his dedication to addressing the financial needs of the Muslim population in Uganda.
