She said: "What I can say is the cabinet has agreed to allow this kind of banking. It was forwarded to the parliament committee responsible and if the MPs pass the bill into law then we shall roll out."
Kiwanuka however noted a challenge of lack of trained and skilled personnel to kick start Islamic banking or banking according to Islamic principles.
Islamic banking is banking or banking activity that is consistent with the principles of sharia and its practical application through the development of Islamic economics. As such, a more correct term for 'Islamic banking' is 'Sharia compliant finance'.
Kiwanuka said the government will soon approve three other laws with in the Financial Institutions Amendment Act.
"We want to regulate mobile money so the bill on the transaction of mobile money business will soon be tabled. "We also want insurance firms to start insuring agricultural loans so the Bank Assurance Bill is also in the offing," said Kiwanuka.
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