Posts tagged as: lending

Nigeria: Unity Bank Disburses Over N24 Billion to Farmers

By Nume Ekeghe

In its bid to promote agribusiness, Unity Bank has effectively keyed into various intervention funds by the federal government and Central Bank of Nigeria (CBN) to boost Agriculture thus emerging as one of the leading players in the industry driving the intervention schemes to the tune of N24 billion.

The bank said in statement that its commitment towards participating in the on-lending schemes was borne out its belief in pursuing benefits of greater financial inclusion and reaching out to greater number of farmers all around Nigeria initially excluded with financial services, all of which is made possible by the Bank’s deep knowledge of rural economy.

The bank’s Head of Agribusiness at Unity Bank, Mr. Olugbenga Emmanuel Adelana, said: “It is understandable why the Unity Bank is making inroads and being reckoned with when it comes to disbursing the intervention funds. The key beneficiaries which the intervention programmes are designed for ply their agribusiness mostly in the rural areas and this is a space that Unity Bank has not shied away from.

“Unity Bank is therefore unleashing the strength of its business model and placing its structures at the disposal of the intervention schemes in its bid to support government’s key initiatives to drive the growth and transformation of Nigeria’s Agricultural economy.”

Unity Bank is currently the 4th largest provider of single digit interest loans (9% max) to Agribusinesses under the CBN’s Commercial Agriculture Credit Scheme (CACS); with a CACS loan portfolio of over N24billion it states.

CACS is a sub-component of the Federal Government of Nigeria Commercial Agriculture Development Programme (CADP) and it is aimed at promoting commercial agricultural enterprises in Nigeria. The scheme targets the promotion/production of cash crops, food crops, poultry, livestock, aquaculture, processing, storage, farm in-put supplies and marketing for agricultural commercial enterprises with asset base of N50million to N100million.

Unity Bank has been consistent in its support to farmers. In June, 2017, it executed a channel partnership agreement with Nigerian Incentive Based Risk Sharing System for Agricultural Lending, NIRSAL, to provide a platform for disbursement of loans to farmers; targeting over 9,000 farmers for Rice, Maize and Wheat across seven states of Kebbi, Zamfara, Jigawa, Kano, Bauchi, Kaduna and Adamawa States.

The Bank is also active in the CBN’s Anchor Borrower Scheme, having disbursed over N1.6Billion to 11,000 wheat farmers in Jigawa and Sokoto States thus providing raw materials for flour millers and invariably supporting the federal government’s import substitution policy.


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Uganda: Central Bank Keeps Watch On 13 Banks

By Alon Mwesigwa

As many as 13 commercial banks in Uganda risk being under-capitalised if their top three borrowers defaulted, Bank of Uganda’s stress test has revealed.

In the annual report for December 2016, BOU assesses the concentration of lending to a few borrowers in an attempt to limit the risk of loan defaults.

BOU said: “100 per cent default from top three borrowers makes 13 banks become under-capitalised with an aggregate capital shortfall of Shs 514bn.”

The central bank also found that if non-performing loans increased by 200 per cent as many as nine banks might become under-capitalised. Here, they would need Shs 247.4bn in capital injection.

Stress tests are regular exercises carried out by the regulator to assess the ability of banks to withstand shocks. In the same report, BOU said 2016 was a very tough year for the banking sector, where profitability dropped significantly, loan defaulters increased and the quality of assets held by banks deteriorated.

This is not surprising given the slower expansion of the economy. The economy grew by 3.9 per cent in 2016/17, below the projected five per cent. Also, many businesses struggled, with quite a number folding.

The year 2017 is likely to be better but some bank managers still believe it will be just as tough. Announcing Stanbic bank’s performance for the first half of 2016, chief executive Patrick Mweheire told reporters that a drop in interest on government securities meant that banks would not be able to make “the lazy money.”

This will significantly affect their earnings. The BOU report indicates that the total industry assets grew by 9.1 per cent to Shs 23.7tn from Shs 21.7tn between December 2015 and December 2016.

Most of the assets were in government securities, which increased by 25.6 percent from Shs 4.1tn in 2015 to Shs 5.1tn in 2016.


In 2016, capital levels held by the banks were lower than in 2015, although the central bank says they were still above the minimum threshold to withstand shocks.

“The decline in bank capital was also largely reflected by the accumulated losses recorded in the comprehensive statement recorded by Crane bank,” the bank said.

On the quality of assets, BOU notes that the ratio of non-performing loans to total gross loans increased to 10.5 per cent in December 2016 from 5.3 per cent in December 2015.

Bad loans more than doubled to Shs 1.2tn in December 2016 from Shs 573.4bn in December 2015, the report said.


Profit after tax dropped to Shs 302.1bn at the end of 2016 from Shs 541.2bn in 2015. This was after the sector’s income grew by 12.7 percent in 2016, but lower than the 14.1 per cent rate in 2015.

The money earned on equity – the money injected in by shareholders – dropped while that on assets halved to 1.3 per cent in 2016.

Meanwhile, expenses for most banks grew. The expenses were in the form of interest expense on deposits. Also, a lot of money was set aside to cater for bad debts that banks failed to recover from borrowers.

Money set aside to cover for loans defaults doubled to Shs 637.2bn.


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Poor Planning Undermining Our Economy, Experts Warn

By Ali Twaha

Failure by government agencies to absorb funds allocated to them and channel them to the planned projects could see more Ugandans remain poor.

Economists and other market leaders feel the National Development Plan (NDP) II agenda set by government is largely being kept on paper, and that nothing much is being done to achieve its set targets.

This was part of the discussions that dominated the annual accountability sector review at Speke Resort Munyonyo last week. The workshop was held under the theme, ‘positioning the accountability sector for effective and efficient delivery of quality and equitable services.’

The accountability sector is concerned with the mobilization, management and accounting for the utilization of public resources for effective and efficient delivery of quality and equitable services.

For a long time, government agencies have been accused of failing to absorb resources. Therefore, some experts feel that government agencies have to partner the more aggressive private firms to execute certain projects.

There is a problem, though. Information from the National Planning Authority indicates that most civil servants within different agencies cannot structure public-private partnership (PPP) agreements, which could have otherwise helped in strengthening relations with private entities to boost service delivery.

“We have a PPP law but how many of you can structure these PPPs and be able to allocate adequate risk to a private person?,” Joseph Muvawala, the executive director of National Planning Authority, said.

He then referred to how government is financially distressed over the Kalangala Infrastructure Services (KIS) PPP.

Government contracted KIS in 2012 to provide water transport services between Bukakata landing site in Masaka district and Luuka landing site in Kalangala with a budget allocation of about Shs 10bn every financial year.

The auditor general, John Muwanga, as at December 31, 2016, raised fears of KIS’s PPP with government, advising that government should think of procuring its own ferry. KIS operates MV Pearl and MV Ssese.


Other discussions from the workshop centered on how expensive credit is in the market, which has stifled the growth of the private sector. Lending rates in the market average 23 per cent.

The potential to boost economic activity within the private sector lies with government availing affordable capital, according to Keith Kalyegira, the chief executive officer of the Capital Markets Authority.

“UDB [Uganda Development Bank] in my estimation requires Shs 2.5 trillion. You can build that up in a period of three years if you allocate six per cent of the tax revenue to the private sector. The private sector will never be able to grow fast enough without [cheaper] capital because they rely heavily on commercial banks,” he said.

Bank of Uganda’s intervention to push lending rates lower by reducing the central bank rate, its key monetary tool, has, according to the Private Sector Foundation Uganda, not yielded much.

One of the reasons as to why credit remains expensive is that government is always borrowing heavily from commercial banks through the issuance of treasury bills and bonds.

According to Fred Muhumuza, an economist, government is paying a lot of money in interest and commitment charges on borrowed money that it has not utilized over a long time. This high level of debt crowds out private sector credit.

Some experts feel there is a need to create new avenues for credit. According to the accountability sector strategic plan 2017/18 – 2019/20, players in the capital markets plan to push for amendments in the legal and regulatory framework to ease issuance of securities, eliminate duplicative procedures and allow for innovation and product development.

Part of the amendments include imposing mandatory listing of companies in specific and strategic sectors by instituting policies that require the listing of companies on the stock market where government holds shares.

As at end of year 2016, there were 16 companies listed on the Uganda Securities Exchange, eight being local listings while the remaining cross-listed from the Nairobi Securities Exchange.

The last sale of shares to the public happened in 2012 with Umeme. No new company has been listed since then.

The accountability sector will require an estimated Shs 4.4 trillion over the next three years to FY2019/20 to deliver its objectives as envisaged in the NDPII.

Kenya: Stanchart Sets Aside Sh10 Billion for Unsecured Loans

By Victor Juma

Standard Chartered Bank Kenya has allocated Sh10 billion to be issued as unsecured personal loans by mid-October, signalling a renewed risk appetite by the lender.

The lender’s plan runs against increased conservatism in the banking industry whose aggregate lending to the private sector slowed down to 2.4 per cent in the 12 months to April.

Lenders have blamed the credit squeeze to the inability to price risk in the wake of interest rate controls, with implementation of greater prudential accounting standards from next year further deterring risk taking.

StanChart says it has done its homework in terms of risk appraisal, giving it the confidence to issue up to Sh7 million to each borrower in the 45-day period running up to October 11.

“In the past one year there was a remarkable slowdown in lending to the retail segment as we adjusted to the rate-cap regime,” StanChart’s CEO Lamin Manjang said in a statement.

“During the period we have put in a lot of work in segmenting our customers and identifying their credit needs.”

Borrowers will enjoy a one-month repayment holiday before the bank effects loan deductions. The offer is available to salaried individuals and can be repaid over a period of up to six years.

A customer borrowing the maximum Sh7 million over the six-year period will incur a total cost of credit of Sh3.57 million according to, a website created by the Kenya Bankers Association (KBA) to improve transparency in the lending market.

The cost includes monthly repayments of Sh144,240 and one-off charges amounting to Sh192,500. StanChart says it expects most of the loans will fund purchases of real estate and cars.

StanChart expanded its loan book at a relatively slower pace of 6.4 per cent to Sh116.8 billion in the first quarter ended March when it ramped up its purchase of government debt by 40.1 per cent to Sh96.2 billion.


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Nigeria: Banks Borrowing From CBN Drops By 19 Percent to N3.4trn

By Kayode Tokede

Lagos — Commercial banks borrowing from Central Bank of Nigeria with the use of Standing Lending Facility window dropped by 19 percent to N3.36 trillion in July from N4.2 trillion recorded in June this year.

Banks continued to access the Standing Facilities window to square-up their positions by borrowing from the CBN at the end of each business day to facilitate their business operations.

The banks borrowing from CBN dropped in July over stability in the foreign exchange market as apex bank remained resilient in bridging the gap between the parallel market and official market rates.

Aftermath of new foreign exchange policy in early 2017, banks were borrowing from CBN to provide Naira equivalent of Dollar purchases.

According to report, the CBN pumped a total of $7.77 billion into the foreign market in six months, as the naira fell to a historic low of N525/Dollar on the parallel market four months ago, to around N360/Dollar since April.

The apex bank for some time has maintained interest rates on SLF at 16 per cent and the rate remained unchanged so far in 2017.

According to data from CBN, the daily request ranged from N124.6 billion to N373.9 billion in June, while in July, it was ranged from N128.9 billion to N251 billion.

In second quarter of 2017, banks borrowing from the CBN increased while standing deposit facility window (SDF), a window used by banks to deposit funds was sluggish and started to drop in July over CBN’s foreign exchange policies.

The interbank money market in second quarter was bedeviled by constant shortage of funds since the CBN commenced a bullish intervention in the foreign exchange market to address the depreciation of the naira in the parallel market.

A report by CBN said total request for the SLF granted in May was N4.05 trillion, compared with N5.3 trillion in April.

This was made up of N1.24trillion direct SLF and N2.8trillion intra-day lending facility (ILF) converted to overnight repo.

The CBN said, “Daily request ranged from N171.62 billion to N345.69 billion, resulting in daily average of N225.03 billion for the 18 transaction days. Total interest earned was N2.81 billion, compared with the total interest of N4.05 billion earned in the preceding month.

“Total standing deposit facility granted during the review period was N467.33 billion with a daily average of N29.21 billion, compared with N369.45 billion in April 2017. The cost incurred on SDF was N0.16 billion in May 2017, compared with N0.12 billion in April 2017,” the economic report by CBN in May explained.

Analysts explained to LEADERSHIP that commercial banks are divesting in the Treasury Bills rather than borrowing to finance foreign exchange market transactions.

They added that closed gap between parallel and official market rates have discouraged commercial banks serious participation in the foreign exchange market.

They hinted that Federal government released second tranche of Paris Club refund to States, totalling N243.795billion in July also aided liquidity in the economy.

The Managing Director/Chief Executive Officer, Maxifund Investments and Securities Limited, Mr. Okechukwu Unegbu, in a chat with LEADERSHIP during the weekend said, “the CBN has been raising a lot of funds in the market through Treasury Bills and Debt Management Office has also been selling Federal government bonds.

“Most commercial banks have realized that the 18 per cent yield on these instruments is lucrative. They are making huge investment in these instruments rather than borrowing or depositing funds with CBN.

“banks have realized that high margin they made when the foreign exchange was at N520/Dollar early in the year has decreased, so their investment in the foreign has continued to dropped consistently since demand has apparently dropped.”

He commended the CBN decision to retain its Monetary Policy Rates, stressing that it stands the only way to move the nation’s economy.

From his perspective, Managing director, Highcap Securities Limited, Mr. David Adnori said, liquidity in the macro economy has improved between June and July.

He said liquidity stability in the economy can be attributable to improved state and retail deposit in the commercial banks

Furthermore, the managing director, Enterprise Stockbrokers Plc, Rotimi Fakayejo, said “the decline in banks deposit in the CBN was a factor of improved economy. Federal government started releasing funds to states government and that imply more funds injection in the banks. That alone reduces the pressure in the economy.”

Fakayejo said the lending of banks somehow reduced compared to the ratio of deposit.

He said the liquidity system might have improved in July but there is still an imbalance within the system.

Stanchart Post Strong First Quarter Performance

Standard Chartered Bank Tanzania Limited has recorded strong first quarter this year results on the back of effective client relationship management, quality product roll out, efficient cost and loan impairment management. It is the time when the Industry is struggling with tough non-performing loans (NPL) and low revenue growth.

Standard Chartered Bank Tanzania continues to manage customer satisfaction resulting to deposit and profitability growth.

The Bank has also continued to maintain a liquid and well capitalised balance sheet. At the end of the quarter, the Bank’s Capital Adequacy Ratio closed at 18 per cent for tier 1 and 20 per cent for total capital against the current regulatory Limits of 10 per cent and 12 per cent respectively.

Bank’s Chief Executive Officer Mr Sanjay Rughani said the bank’s success is attributed to a continued disciplined and focussed approach of doing business. “As we mark our centenary anniversary this year, our main focus continues to be executing our strategy which is solely centred on supporting our clients as they develop their businesses by introducing new ways of banking,” he said.

“We have continued to enhance Financial Inclusion through leveraging on our State of the Art and Award winning Digital Platforms which are more convenient and secure,” he said. He said in addition the digital platform extends banking services to the online banking services.

The bank’s clients can also perform real time funds transfer processing and can access direct communication from the bank in their mailboxes using their laptops, tablets or mobile phones.

Commenting on the significant decrease in its Loan Impairment line, the bank’s head of finance, Ms Ruth Zaipuna said that the bank has a focussed approach for its lending and recoveries processes noting that the focus has yielded good results.

“We know our Clients well and we came up with a Lending and Recoveries strategy that has resulted to mutual benefits for both the Bank and its Clients.” Ms Zaipuna said.

The Bank’s CEO, Sanjay Rughani, concluded by adding that in the remainder of the year his Bank will increase its activities on funding Government Projects and that it is already in discussion with various key Government Offices on funding a number of projects.

“Standard Chartered Bank Tanzania is keen to contribute to the Government’s key agenda of making the country become semi-industrialised by 2025.

We are aware of the various pipeline projects, some of which have already started. We have catered for similar projects in other countries and we will use both our local and international capabilities to support the Government’s growth agenda.”

Mr Rughani said. Standard Chartered Bank Tanzania is this year marking its centenary anniversary since it opened its operations in Tanzania in 1917.

To mark the official centenary anniversary celebrations the Bank hosted over forty of its Africa and Middle East Top Management Team members in Tanzania in March this year. The members met with some of the Government’s highly ranked Leaders as well as its staff and clients and reiterated the Group’s continued commitment to Tanzania.


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Namibia: Agribank Launches Collateral-Free Loan

By Nuusita Ashipala

Oshakati — Agribank has launched a collateral-free loan to enable working communal farmers with no conventional collateral to access agricultural loans.

The product targets salaried communal farmers who have the ability to repay their loans but do not have property in a proclaimed urban environment.

Speaking at the launch at Oshakati last Friday, Chief Executive Officer at Agribank Sakaria Nghikembua said the “no collateral loan” is in line with the bank’s strategic plan geared towards inclusiveness for all farmers including those in communal areas.

The inclusiveness of all communal farmers will, amongst other factors, increase food production and contribute to household-level food security.

Speaking at the same event, the Vice-Chairperson of Agribank Board of Directors, Michael Iyambo, said the bank will sign agreements with employers to have repayments of the loan deducted from the payroll monthly.

“As a bank we decided to address the gap whilst reasonably mitigating our lending risks; Instead of paying via banking debit orders, we will deduct via payroll to enhance our collections success rate,” said Iyambo.

In addition to the no-collateral loan, the bank has also introduced a credit life to ensure it recovers the loaned money in the event a client passes on whilst still owing the bank.

The bank has also taken a decision to support funding of agro-processing industries in its quest to add value to basic agricultural produce, create employment and aid in expanding production in support of economic growth.

Previously the bank primarily focussed on funding primary production – focussing only on the acquisition of farmland, purchase of livestock, construction or upgrading of farming infrastructure and production inputs for crop production and horticulture.

Iyambo said value addition increase the contribution of agriculture to the country’s gross domestic product (GDP), which has been dwindling over the past years.

According to the Namibian Statistics Agency, the contribution of primary agriculture production witnessed a decline from 5.3 percent in 2007 to 3.5 percent in 2016.

Secondary production on the other hand barely contributed more than 1 percent to the overall GDP.

On average, the meat processing and milling sector contributed about 0.5 and 0.7 percent respectively to the total GDP over the period 2007-2016.

“This is a clear indication that the agricultural sector is mainly driven by primary production. The challenge, however, is that primary agricultural production is seasonal; hence demand for labour is highly variable,” Iyambo said.

Iyambo added that primary agricultural products are susceptible to irregular changes in prices and as such employment in primary agriculture is not a sustainable source of income.

Ngikembua said the loans will range between N$5 000 and N$500 000 and is repayable over a period of 12 to 54 months.

The Governor of Oshana Region, Clemens Kashuupulwa, said the loan will broaden finance access to emerging communal farmers, which the governor reckons will aid in the alleviation of poverty and food security.


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Banks Hike Interest Rates to Attract Deposits – Bank of Tanzania

Commercial banks have increased interest rates on time deposits in a bid to fill the gap of acute shortage of liquidity affecting most financial institutions.

According to the Bank of Tanzania (BoT) monthly economic review for March this year shows that the overall interest rate on time deposits rose to around 10.29 percent compared with 8.99 percent in the previous month and 9.14 percent in corresponding period 2016.

Lending rate rose to an average of 17.66 percent compared with 16.01 and percent 16.43 percent, respectively.

The rise in deposit interest rates is associated with the efforts of commercial banks to attract deposits in the wake of transfer of public deposits to the BoT whilst that of lending rate is attributable to an increased risk of premium following a rise in non-performing loans in the recent months.

Consistent with the high demand for treasury bills, the overall weighted average yield fell to an average of 15.02 percent in February 2017 from the 15.27 percent in the corresponding period in 2016. The yield was also lower than 18.52 percent last year.

The overnight inter-bank cash market rate decreased to 7.93 percent in February 2017 from 10.07 percent in the preceding month.

The overall inter- bank cash market rate fell to 8.68 percent from 10.50 percent.


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Uganda: Commercial Lending Rates to Keep Falling – Bankers

Photo: Eronie Kamukama/Daily Monitor

Customers transact business in one of the banks in Kampala. Banks are expected to keep reducing lending rates although at a slow pace.

By Martin Luther Oketch

Kampala — Although the pace at which commercial lending rates are falling is slower than public expectation, Uganda Bankers Association (UBA) is optimistic that rates will continue declining because they are responding to monetary policy directions of the Central Bank.

Interest rate is basically the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.

Lower interest rates make it cheap for the general public to borrow. This encourages spending and investment and it leads to higher aggregate demand in the economy and the result is higher economic growth.

In an interview with Daily Monitor on Wednesday, the chairperson of UBA, who is also the managing director of Centenary Bank, Mr Fabian Kasi, said: “We are optimistic that lending rates will come down further. Banks have been reducing their rates since November last year. There are some banks whose prime lending rate at the moment is at 18 and 19 per cent.”

Bank of Uganda (BoU) has sustained reduction in its policy rate since April last year but the pace at which the commercial banks have been lowering their lending rate has been so slow.

Mr Kasi said there is always a lag in interest rate changes in the market and that is the reason why the commercial lending rates have not declined so fast but there is still room for banks to keep reducing their rates. “Although I cannot predict at what level the lending rates will be in June this year and beyond, commercial banks will continue reducing the lending rates,” he said.

Slow paced reduction

Statistics by BoU relating to the current monetary policy shows that lending rates have only reduced by 1.2 per cent over the last one year, which indicates that there has been generally a slow pace compared to reduction in the Central Bank Rate (CBR).

However, broadly, BoU said in its monetary policy report that interest rates declined further in the quarter ending March 2017 in line with the eased monetary policy stance.

“The rate of decline in lending rates remains low recorded at 1.2 percentage points reduction since March 2016 compared to 5.5 percentage points cut in the CBR whereas time deposit rates have declined by 4.7 percentage points since February 2016 to 11.4 per cent,” said the Central Bank. In the foreign currency denominated loans, the rate also declined during the last one year.

“Rates on foreign currency loans and time deposits also declined by 1.8 percentage points and 1.4 percentage points to 8.3 per cent and 3.0 per cent respectively,” said the Central Bank’s current monetary policy.

BoU remains optimistic that lending interest rates are expected to decline going forward on account of advice by commercial banks that they would lower prime lending rates would take effect in March 2017.


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Islamic Banking Faces Tax Hurdles in Uganda

By Bernard Busuulwa

Issues of taxation, manpower and marketing have hampered the rollout of Islamic banking products in Uganda, as technocrats struggle to finalise regulations for the new products.

While regulations to guide the use of agency banking have been finalised and are scheduled for issuance after April 19, issues surrounding taxation of Islamic banking products remain unresolved.

Under Islamic banking rules, no interest is charged on loans to borrowers; profits and losses realised from a business are shared equally between lenders and borrowers, and lending is restricted to morally acceptable ventures: Lending to alcohol firms, tobacco producers and gambling companies is prohibited.

Concerns over how much tax should be applied to Islamic financial products and the elimination of double taxation have slowed consultations on the matter.

For example, a mortgage transaction arranged between a bank and a client under Islamic banking would require the two parties to make equity contributions towards the deal without charging the home buyer any interest.

The client would instead be obliged to buy out the bank’s equity share in order to achieve full ownership of the house or piece of land in question. Recent proposals in favour of taxing the banks’ contribution have raised questions about the competitiveness of Islamic banking products when compared with conventional financial offerings.

In contrast, mainstream mortgage products require clients to make reasonable equity contributions towards the purchase of real estate, disbursement of a bridging loan facility by a commercial bank, and repayments that carry annual interest charges. Withholding tax is levied on interest earned from the mortgage, while the value of the loan is exempt from taxes.

A shortage of specialised Islamic banking professionals has also slowed down the rollout of Islamic financial products. Due to the sensitive nature of Islamic banking operations, use of qualified Shariah professionals is considered essential in regulation, selling and distribution of financial services.

However, according to research data, there are only 10 qualified Shariah professionals on the local market.

This is in a business environment with 24 commercial banks and a small pipeline of specialised Islamic banking players who have shown interest in the market but are yet to obtain commercial licences.

“Taxation of Islamic banking transactions seems complex because it is difficult to determine the exact point of taxation, and also minimise the risk of double taxation. But the UK has already come up with useful tax guidelines that define the degree of taxation for Islamic banking transactions, involving both physical assets and direct cash, which would be compatible with our environment. The human resource gap experienced among local Shariah professionals in Uganda could be filled by foreign manpower previously nurtured by big banks like Standard Chartered, Barclays and KCB in their native markets. In addition, there are overseas players in big Shariah markets like Malaysia that are capable of providing outsourced compliance services for Shariah boards,” said Abubaker Mayanja, the managing director of ABL Dunamis Ltd, a financial advisory services firm.


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