Ugandan Banks Are Unhappy With Multiple Sharia Boards Requirements

Ugandan bankers want a change in a clause in the Islamic banking regulations requiring each lender to establish a Sharia board, with a mandate to scrutinise and approve loan applications.

Bank executives say such a board will create extra costs if the appointees, like directors, are to receive retainers, sitting allowances, medical benefits and entertainment privileges. The lowest sitting allowance paid to directors of Ugandan banks is about Ush350,000 ($91.5) per meeting.

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