Regulatory Alerts2016-01-01
Financial Institutions (Amendment) Act 2016
Parliament of Uganda enacted the Financial Institutions (Amendment) Act 2016 to formally integrate Islamic banking, bancassurance, and agent banking into the national financial regulatory framework. The legislation updates key definitions to encompass Shari’ah-compliant contracts, revises licensing and capital buffer requirements, and establishes a 49 percent limit on share ownership for financial institutions. Additionally, it reforms the Deposit Protection Fund, grants accredited credit providers enhanced access to the Credit Reference Bureau, and clarifies the treatment of non-performing assets and guarantee provisions.
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