New National Islamic Bank in the pipeline

The central bank of Uganda (BoU) announced that it is in the proccess of developing a new national Islamic finance institution, the National Islamic Bank of Uganda. The only thing that stops it for now is the fact that only in early 2012 the country's lawmakers will pass the legislation to authorize Islamc banking.
They say that first existing commercial banks will be able to open up Islamic windows and second new investors will be able to set up standalone Islamic banks.

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