Region

Jurisdiction

Regulator

2023-01-01

Financial Institutions (Amendment) Act 2023

Parliament enacted the Financial Institutions (Amendment) Act 2023 to amend the Financial Institutions Act, 2004 by repealing section 115B(2). This legislative change abolishes the Central Shari’ah Advisory Council and updates subsection (4) by deleting its statutory cross-reference. The amendment streamlines Uganda's financial regulatory framework by eliminating redundant governance provisions.

Uganda

Bank of Uganda

i Bill No. Financial Institutions (Amendment) Bill 2023 THE FINANCIAL INSTITUTIONS (AMENDMENT) BILL, 2023 MEMORANDUM The object of this Bill is to amend the Financial Institutions Act, 2004 to repeal section 115B (2) establishing the Central Shari’ah Advisory Council. MATIA KASAIJA (MP) Minister of Finance, Planning and Economic Development. Bill No. Financial Institutions (Amendment) Bill 2023 BILLS SUPPLEMENT No. … ……th June, 2023 BILLS SUPPLEMENT to The Uganda Gazette No. 7……, Volume CXIV, dated ……th June, 2023 Printed by UPPC, Entebbe, by Order of the Government.

ii Bill No. Financial Institutions (Amendment) Bill 2023

1 Bill No. Financial Institutions (Amendment) Bill 2023 A Bill for an Act ENTITLED THE FINANCIAL INSTITUTIONS (AMENDMENT) ACT, 2023 An Act to amend the Financial Institutions Act, 2004 to repeal section 115B (2) establishing the Central Shari’ah Advisory Council. BE IT ENACTED by Parliament as follows: Amendment of the Financial Institutions Act, 2004 The Financial Institutions Act, 2004 is amended in section 115B— (a) by repealing subsection (2); and (b) in subsection (4) by deleting the words “Notwithstanding subsection (2)”.