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Jakarta Post

Uganda asks for Indonesia advice on sharia banking

  • Esther Samboh

    The Jakarta Post

Jakarta   /   Mon, February 14 2011   /  10:23 am

The Ugandan central bank is currently struggling to address demands for the first sharia bank in the East African country.

Bank of Uganda, the republic’s central bank, has therefore sent delegates to Indonesia, home to the world’s largest Muslim population, to learn more about Islamic finance.

The visit of the Ugandan central bankers underscored the world’s acknowledgement of the rapid development of Indonesia’s Islamic banking industry, a Bank Indonesia (BI) official said.

Bank of Uganda is expecting the first sharia bank in the “pearl of Africa” in early 2012 after the nation’s parliament is expected to pass a law permitting the establishment of Islamic banks.

As the Ugandan central bank is working to secure parliamentary approval, several delegates are learning from a seven-day comparative study visit thousands of miles away in Indonesia, whe...