Newswrap: Islamic finance
Uganda to introduce Islamic banking to microfinance industry; Kuwait’s Warba Bank opens branches in the metaverse; State Bank of Pakistan adopts four more AAOIFI standards; Securities Commission Malaysia launches SRI-linked Sukuk Framework.
Uganda to introduce Islamic banking to microfinance industry
Uganda’s Cabinet has passed proposals to amend the Microfinance Deposit-Taking Institutions Act 2003 to allow Islamic banking to join. Under the Financial Institutions Act, only banks are allowed to provide Islamic banking services to customers. According to the 2013 National Census, Islam in Uganda was practised by 13.7% of the 24.4 million population.
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