savings bank related lit

8/8/2019 Savings Bank Related Lit

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savings bank, financial institution that, until recently, performed only the following functions: receiving

savings deposits of individuals, investing them, and providing a modest return to its depositors in the form

of interest. A common form of savings bank, the mutual savings bank, was traditionally the only type that

accepted savings deposits exclusively (seebanking). Mutual savings banks are state-chartered

institutions, owned by their depositors and managed for their mutual benefit by self-perpetuating boards of

trustees. Savings deposits may also be received by acredit union or a savings and loan association.

However, due to extensive deregulation in the banking industry (primarily during the 1980s), the

distinction between savings banks and other financial institutions has become increasingly hazy. Federal

deregulation laws in the 1980s gave savings banks the opportunity to become federally chartered

institutions, to convert themselves into capital stock corporations, and to come under the supervision of

the Federal Home Loan Bank Board. New lending powers, the removal of ceilings on interest rates, and

takeovers of struggling small banks by larger ones have made the mutual savings bank, as it was

understood until about 1980, largely obsolete.

Bibliography

See M. Mayer, The Money Bazaars: Understanding the Banking Revolution Around Us(1984); F. H.

Ornstein, Savings Banking(1985).

savings bank

Financial institution that gathers savings and paysinterestordividends to savers. It channels the savingsof individuals who wish to consume less than their incomes to borrowers who wish to spend more. Thisfunction is performed by mutual savings banks, savings and loan associations,credit unions, postalsavings systems, and municipal savings banks. Unlike a commercial bank, a savings bank does notaccept demand deposits. Many savings banks originated as part of a philanthropic effort to encouragesaving among people of modest means. The earliest municipal savings banks developed from themunicipal pawnshops of Italy (seepawnbroking). Other early savings banks were founded in Germany in1778 and The Netherlands in 1817. The first U.S. savings banks were nonprofit institutions established in

the early 1800s for charitable purposes.

For more information on savings bank, visit Britannica.com. Br itannica Concise Encyclopedia. Copyright 1994-2008 EncyclopdiaBritannica, Inc.

credit institution, the basic function of which consists in attracting monetary savings and temporarily freemonetary resources of the population.

In the capitalist countries the assets accumulated in savings banks are one of the sources for theformation of loan capital. The activities of the banks promote the redistribution of national income in theinterests of the ruling classes. The millions entrusted to the savings banks are in the final analysisactually controlled by these very same bank capital magnates (V. I. Lenin, Poln. sobr. soch, 5th ed., vol.27, p. 334). In most countries, savings banks originated at the end of the 18th century and the beginningof the 19th. Savings banks were established by private companies, municipalities, and the state,especially from the second half of the 19th century. Usually, the state savings banks were closely linkedwith the postal system. During the stage of imperialism the money attracted to the savings banks ischanneled through the state credit system and is used chiefly to finance the military expenditures of theimperialist states and cover the budget deficit.
http://encyclopedia2.thefreedictionary.com/bankinghttp://encyclopedia2.thefreedictionary.com/bankinghttp://encyclopedia2.thefreedictionary.com/credit+unionhttp://encyclopedia2.thefreedictionary.com/credit+unionhttp://encyclopedia2.thefreedictionary.com/savings+and+loan+associationhttp://encyclopedia2.thefreedictionary.com/interesthttp://encyclopedia2.thefreedictionary.com/interesthttp://encyclopedia2.thefreedictionary.com/interesthttp://encyclopedia2.thefreedictionary.com/dividendhttp://encyclopedia2.thefreedictionary.com/savings+and+loan+associationhttp://encyclopedia2.thefreedictionary.com/credit+unionhttp://encyclopedia2.thefreedictionary.com/credit+unionhttp://encyclopedia2.thefreedictionary.com/commercial+bankhttp://encyclopedia2.thefreedictionary.com/pawnbrokinghttp://encyclopedia2.thefreedictionary.com/_/gr.aspx?url=http%3A%2F%2Fwww.britannica.com%2Feb%2Farticle-9065937%2Fsavings-bank&source=Britannicahttp://encyclopedia2.thefreedictionary.com/bankinghttp://encyclopedia2.thefreedictionary.com/credit+unionhttp://encyclopedia2.thefreedictionary.com/savings+and+loan+associationhttp://encyclopedia2.thefreedictionary.com/interesthttp://encyclopedia2.thefreedictionary.com/dividendhttp://encyclopedia2.thefreedictionary.com/savings+and+loan+associationhttp://encyclopedia2.thefreedictionary.com/credit+unionhttp://encyclopedia2.thefreedictionary.com/commercial+bankhttp://encyclopedia2.thefreedictionary.com/pawnbrokinghttp://encyclopedia2.thefreedictionary.com/_/gr.aspx?url=http%3A%2F%2Fwww.britannica.com%2Feb%2Farticle-9065937%2Fsavings-bank&source=Britannica


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At the beginning of 1974, the balance of deposits at savings banks was $96.4 billion in the USA, 5.4billion sterling in Great Britain (Sept. 30, 1973), 162 billion francs in France, and 176.9 billion marks in theFederal Republic of Germany. Most of the deposits belong to rentiers and to small- and medium-scaleentrepreneurs. The workers own only a small share of the total deposits. The savings of the majority ofthe working people are forced. The deepening of the internal contradictions and crises inherent incapitalism, inflation, and uncertainty about the future compel the working people to curtail consumptionand start saving to protect themselves in case of unemployment, sickness, and disability or to supportthemselves in old age.

Savings banks were founded in St. Petersburg and Moscow in 1841. By the beginning of 1914, therewere 8,553 savings banks in Russia, including 1,026 central ones and 7,527 branch and registeredsavings banks. The total balance of deposits, including deposits by juristic persons, was about 1.7 billionrubles. There were approximately 9 million depositors. Large-scale depositors prevailed, especiallymembers of the urban and rural bourgeoisie. The tsarist government used the resources of the savingsbanks to strengthen the police state and to finance capitalist enterprises and farms owned bythepomeshchiki(landlords) and kulaks.

In the socialist countries the savings and temporarily free assets of the population that are mobilized bythe savings banks are used to develop the economy and culture and improve the well-being of the

working people. In the USSR the savings banks represent a single, all-Union, centralized credit institution,the main purpose of which is the development of a savings system, including the extensive attraction ofthe free monetary assets of the population, the floating of state domestic loans, and the provision ofpayment and cashing services for the public, enterprises, organizations, and institutions. Other savingsbanks operations are stipulated in the bank charters. Savings banks are juristic persons operating on thebasis of economic accountability.

The state labor savings banks, which were established by a decree of the Council of PeoplesCommissars of the RSFSR on Dec. 26, 1922, operate under a charter approved by the Council ofMinisters of the USSR on Nov. 20, 1948. Before 1963, the savings banks were administered by theMinistry of Finance of the USSR. Since Jan. 1, 1963, they have been under the jurisdiction of the StateBank of the USSR (Gosbank), which makes possible the more efficient use of the funds mobilized by thesavings bank to provide credit in the national economy.

The savings deposited in savings banks represent the portion of the peoples monetary income that isfree after current material and cultural needs have been satisfied. Most of these savings are purposive,intended for payment for a trip to a resort or for the purchase of durables (motor vehicles, motorcycles,and furniture, for example) or cooperative apartments. The continuous rise in the standard of living of theworking people and the increase in their monetary income have resulted in a regular increase in savingsbank deposits (see Table 1).

By the end of 1974, there was an average of 395 savings accounts per 1,000 inhabitants, and theaverage per capita deposit was 312 rubles. For every 1,000 income-earning inhabitants (the majority ofdepositors) there were 639 accounts, averaging 504 rubles each. In 1974 the turnover in savings bankdeposits was 43.2 billion rubles in receipts (including 8.5 billion rubles in transfers from the incomes of theworking people) and 33.0 billion rubles in payments. The assets deposited at savings banks are kept in

accounts at Gosbank. Because these assets are fairly stable, they serve as an important source ofGosbanks credit resources.

The state guarantees the security of the money entrusted to the savings banks, the secrecy of deposits,and the payment of them on first demand by the depositors. Savings banks accept demand deposits, timedeposits (at least six months), and conditional lottery and current account deposits. For time deposits,savings banks pay 3 percent interest per annum, and for the remaining types of deposits, 2 percent perannum. For the lottery deposits, the income is paid in winnings determined in semiannual drawings.Demand deposits are most popular with the public, constituting 70 percent of the total savings in depositaccounts by the end of 1974. The income from deposits (interest


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Table 1. Deposits of the public in Soviet savings banks (at

years end)

194

0

195

0

196

0

197

0

1974

Number of deposits

(million)..........................

17.314.352.280.1100.0

city ........................................ 11.610.438.358.973.9

countryside................................... 5.7 3.9 13.921.226.1

Total deposits (billion

rubles) .........................

0.7 1.8 10.946.678.9

city ........................................ 0.6 1.6 8.7 34.157.2

countryside................................... 0.1 0.2 2.2 12.521.7

Average deposit

(rubles)............................

42 124 209 581 789

city ........................................ 50 151 228 578 774

countryside................................... 26 52 157 591 830

or winnings) is not subject to state and local taxes and fees. The depositor has the right to receive the

deposit in part or in whole. He may dispose of the deposit personally or through a representative, and healso has the right to will the deposit to one or several persons, regardless of whether they are his legalheirs, or to the state or public organizations.

In addition to deposits made by the public, savings banks keep the assets of plant and local trade unioncommittees, mutual assistance offices, and other primary social organizations not engaged in economicactivities, as well as the funds of the rural (settlement) soviets and institutions supported by rural budgets.The savings banks float the bonds for the states 3-percent internal lottery loan, sell tickets for the prizelotteries held in the Union republics, and pay out the earnings on state bonds and lottery tickets. SinceDecember 1974, they have paid the retired bonds of the state loans floated by subscription before 1957,in comformity with the established dates of their repayment. Savings banks perform operations related tothe transfer of deposits and carry out clearing operations authorized by depositors. They issue andreimburse letter-of-credit payments, and they issue credit checks for various consumer durablespurchased by the public at state and cooperative trade organizations.

The largest service operation of the savings banks involves the receipt of apartment rents and paymentsfor municipal services, for the support of children in institutions, and for insurance. In 1974 the savingsbanks received 7.6 billion rubles in such payments. They also carry out operations related to the paymentand cashing servicing of state enterprises, institutions, organizations, and kolkhozes.

By the end of 1974, there were 79,500 savings banks. Depending on their functions and the number ofpersonnel, savings banks are classified as central, first-category, second-category, and local. The centralsavings banks direct the activities of the savings banks of cities and raions. In all the Union and


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autonomous republics, krais, and oblasts, as well as in certain major cities, there are state labor savingsbanks administrations that directly supervise the operations of savings banks. The entire system ofsavings banks is run by the Board of Directors of the State Labor Savings Banks of the USSR.

In other socialist countries the steady rate of growth of the economy and the continuous improvement inthe well-being and cultural level of the people have resulted in the extensive development of the activity of

savings banks in attracting deposits by the public. By the end of 1974, the total savings banks depositshad reached 6.9 billion leva in Bulgaria, 70.8 billion forints in Hungary, 55.0 billion marks in the GermanDemocratic Republic, 216.2 billion zotys in Poland, and 107.2 million krona in Czechoslovakia. Thesavings banks in these countries offer a broad variety of accounts. The most common are demanddeposits, except in Hungary, where time deposits prevail. Lottery deposits are important inCzechoslovakian savings banks. Characteristic of the savings banks in the other socialist countries is thedevelopment of credit operations, such as the granting of loans to the public for housing construction andthe purchase of consumer goods and durables. The savings banks also sell lottery tickets (Hungary), buyand sell savings bonds (Poland), and keep the assets of various organizations (Rumania).

REFERENCES

Marx, K., and F. Engels. Soch, 2nd ed., vol. 6, pp. 58990; ibid., vol. 25, part 1, p. 443.

Lenin, V. I. Poln. sobr. soch, 5th ed., vol. 5, pp. 14447.

Lenin, V. I. Iz ekonomicheskoi zhizni Rossii. Ibid., vol. 6.

Lenin, V. I. Ibid., vol. 27, pp. 33334.

Lenin, V. I. Luchshe menshe da luchshe. Ibid., vol. 45.

Valler, L. Sberegatelnye kassy v zarubezhnykh stranakh.Moscow, 1960.

Spravochnik rabotnika sberegalelnoi kassy.Moscow, 1971.

Sberegatelnye kassy SSSR za 50 let.Moscow, 1972.

A. P. GNUTOV and M. A. NAIDIS

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). 2010 The Gale Group, Inc. All rights reserved.

Depositis

Deposits from savers are an important source of financial strength for the Islamic banks. They use it

to increase their capacity for financing operations and thereby increase profit for the shareholders.

Islamic Banks raise funds generally based on Amanah or Wadiah arrangements, on Mudarabah and on


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Wakalah for Fund Management. There are two main bases of mobilisation of deposits by Islamic banks

that are Current account deposits and Savings deposits. Banks may also get permanent or redeemable

equity capital through investmentdeposits that practically take the form of a running partnership

between the depositors. Depositors in Islamic finance can be compared with investors/shareholders in

companies, who earn dividends when the investment makes a profit or lose part of their capital if

the investment posts a loss. The contractual agreement between depositors and Islamic banks doesnot pre-determine any rates of return, it only sets the ratio according to which profits and losses are

distributed between the parties to the deposit contract.

In Islamic banks, Current Account deposits are based on the principle of Amanah / Wadiah or that of

Qard. In the first type, interest-free deposits are held by the banks either in trust (Amanah), or in

safe-keeping (Wadiah). Under Amanah arrangement, the Islamic bank treats the funds as a trust and

cannot use these funds for its operations; it does not guarantee the refund of the deposit in case of

any damage or loss to the Amanah resulting from circumstances beyond its control. In Wadiah, the

bank is deemed as a keeper and trustee of funds and has the depositors permission to use the funds

for its operations in a Shariah compliant manner. Deposits under Wadiah take the form of loans from

depositors to Islamic banks and the bank guarantees refund of the entire amount of the deposit. While

these deposits can be withdrawn at any time, the depositors have no right to any return/profit on such

deposits. However, depositors, at the bank's discretion, may be rewarded with a Hibah provided such

gifts do not become a custom or a permanent practice. In the second type, the client gives the bank

authority to use current accounts funds to invest in its operations, in that case, the deposit amount is

considered as a non-interest loan by the depositor to the bank. The bank has the obligation of to

returnthe credit balance upon demand clients who have no right to receive any profit on

their balances. The liability to return a Qard deposit is not affected by the banks solvency or

otherwise.

Savings deposit accounts operate in a different way. The depositors allow the banks to use their

money invested in profitable business ventures which are legal and Shariah compliant. Generally,

deposits in savings accounts are accepted by Islamic banks on the basis of Mudarabah where thedepositor is rabb-ul-mal (investor) and the bank is the Mudarib (fund manager). The profit will be

shared as per a pre-determined ratio upon, while loss will be borne by the rabb-ul-mal. Profit

distribution amongst the depositors and the shareholders will be made according to the weightage

assigned usually at the beginning of each month to their investments. Savings deposits are generally

paced in a joint investmentpool with other deposits mobilised by the Islamic banks.

Investment deposits are accepted for a fixed period of time or term and are governed by the

Mudarabah contract with the bank. When deposits are for an agreed fixed term no withdrawal is

normally allowed until the end of the deposit term. However, some banks are allowing early

withdrawals in an agreed notice period. Term deposits are arrangement where depositors seek some

return on their investments; they are taken on a Mudarabah basis. These deposits are allocated to anumber of investment pools and the Islamic banks invest the pooled amount in Shariah-compliant

businesses. All direct expenses are charged to the respective pools; the net proceeds are distributed

between the bank and the pools and then among the depositors represented by the pool. The profits

from the assets are shared between the depositors and the bank according to a pre-determined ratio

agreed upon at the outset. The profitsharing weightages are assigned based on the various tenures

and the amount invested under the arrangement. And as required under Mudarabah, depositors have

to be informed in advance of the formula used for sharing the net earnings of the investment pool with

the bank. In case of the unlikely event of loss, the depositors have to bear the loss on a pro-rata basis


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while bank goes un-rewarded for all its efforts. If a bank contributes its equity capital in a pool at the

time of setting up an investmentpool, the relationship will be a combination of Musharakah and

Mudarabah, and the bank would be entitled to a proportionate profit on its own investment in relation

to the total Mudarabah investmentpool. Islamic banks can also open may announce Murabaha

and leasing funds in which the risk-averse investors may purchase units and be treated as rabb-ul-mal

and get the quasi fixed-return from profits or rentals earned by the respective funds from the tradingand leasing activities.

Muslim Banners

Current account deposits

There are two main types of account which are commonly known in the Islamic Banks that are:

Current Account and Investment account. Current account deposits are regarded as trusts or safe-

keeping and offer the depositors safety of their money against the banks guarantee to return theirfunds on demand.

Similarly, the current account, as operated by conventional banks, is essentially a safekeeping

arrangement between the depositors and the bank, which allows the depositors to withdraw their

money at any time and permits the bank to use the depositors' money. However, deposits in these

banks have their principal guaranteed, and they may agree to pay a return on the deposits that is

either fixed or floating, but not linked with the outcome of their economic activities. The mobilised

funds are freely used by the banks and are totally liable for their repayment even if the banks incur a

loss.

In the case of Islamic banks, current account deposits can be categorised as loans. In fact, the bank

guarantees the full return of these deposits on demand to the depositors, who in turn, authorize the

bank to utilize their funds for any purpose permitted by the Shariah at the bank's own risk. Hence, if

there is any profit resulting from the employment of these funds, it accrues to the bank and if there is

any loss, it is also borne by the bank. Loans accounts are not eligible for a share in profits, as they are

not subject to risk and there shall be no return or mark-up payable on them. Therefore, Islamic banks

that have ruled current accounts may be eligible for payment of gifts, but not profits.

Current Account deposits with Islamic banks follow the principle of Amanah, where they cannot be

guaranteed or Wadiah where their principle amount is treated as loan and therefore guaranteed, in

that case the Islamic bank has the permission the deposits in their own operations. The depositors

have no right to any return or profit on such deposits. However, gifts to such depositors can be given

entirely at the discretion of the Islamic banks. And as the banks are not allowed to pay any return for

the use of the depositors funds that take the form of loans, awarding such gifts should not take the

form of a custom or a permanent feature of a banks operations.

Current Account deposits with Islamic banks can also be based on the principle of Qard, in which case

the bank gets authority to use current accounts funds as non-interest loans to invest in its own

operations. Current accounts with Islamic banks in case of Qard are similar to current accounts with

conventional banks as regards the obligation of the bank to return the credit balance upon demand.
http://www.muslimbanners.com/index.php?id=madil3dhttp://www.muslimbanners.com/link.php?took_i=1&adurl=71138&purl=429582&from=717&size=3&to=5&b=1&url=http%3A%2F%2Fwww.2hijab.comhttp://www.muslimbanners.com/index.php?id=madil3d


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The relationship between the depositor and the bank is that of lender and borrower whereby the client

is simply the lender and the bank is the borrower. It is of banks responsibility to return the full

amount of such deposits even in the case of loss in its overall business. If the bank indicates at the

time of account opening that it will invest the funds deposited under current accounts at its own

discretion in any Shariah-compliant business, it can benefit from these accounts without requiring

passing on any part of their profit to the depositors, as they are not subject to risk. The bank will beliable for any possible loss and the depositors are guaranteed full repayment of the deposits, net of

the service charge, if any. Instead, such accounts may be eligible for gifts for use of the clients funds

on a non-regular basis, which cannot be seen as dividends.

Investment accounts in account are deposits that are taken on Partnership Basis. They cover all those

accounts where the client agrees to place deposits for a fixed period of time or term, and are

governed by the Mudarabah contract with the bank. No withdrawal is normally allowed in case of a

fixed term deposit until the end of the period. However, more and more banks agree with the client on

an early withdrawal notice, or they are simply allowing early withdrawals without notice. Fixed term

deposits can be distinguished on the basis of maturity as well as on the basis of purpose, as it is

possible to give special instructions to the bank to invest a particular deposit in a specified project or

trade. This is the case in restricted investment deposits, where the depositor authorises the bank to

invest the fund in specific projects or sectors for a specific period, determining the level of risk to be

taken. There also unrestricted investment deposits where the depositor gives the Islamic bank

unconditional permission to invest the fund without any restriction as to sector, project or period, etc.,

provided all transactions are in compliance with Islamic principles and fall within the banks

investment criteria.

Term deposits follow Mudarabah rules in a first stage; the bank, as Mudarib, uses its discretion in

managing the affairs of the Mudarabah and takes other necessary actions for the benefit of the

Mudarabah. The deposits are allocated by the bank to a number of investment pools where it puts the

invested amount in Shariah-compliant businesses. The investment should through the entire process

of a business activity which involves risk taking at each stage. The Islamic bank bears all expensesrelated to general management and distributes the net proceeds between the pools and then among

the depositors represented by the pool. How much profit each depositor earns depends on the final

outcome of the bank's own investment; in fact, the bank proceeds to a constructive liquidation after

the term or at the end of the accounting period, so that the joint relationship starts afresh for the next

accounting period. The rate of return on a deposit in an Islamic bank is directly linked to the quality of

the banks investment decisions. Therefore, instead of promising depositors a predetermined fixed

rate of return on their investment, the bank tells them only the ratio in which it will share the profits

with them. Profits are calculated and accrued every month and paid on maturity of the deposit or as

agreed between a depositor and the bank. If a bank contributes part of its capital in a pool at the time

of setting up an investment pool, the partnership will fall under the rules of Musharakah. The bank will

be an investor just like other depositors. All participants in an investment pool will be partners amongthemselves, they will all have the right to participate in the appreciation of the business as a whole

and the bank will serve as the fund manager responsible for investing the funds of the investment

pool.
http://www.muslimhands.org/link/8007/


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Interest-bearing deposits

Transactions in the Islamic banking system cannot take place on the basis of interest; instead they

can take place on the basis of Qard Hasan or profit-sharing. Accordingly Islamic banks can accept

interest-free demand deposits, time deposits with different maturities as well as savings deposits.

Islamic deposits are generally based on profit-and-loss-sharing and their characteristics may differ

from a country to another. The funds flowing into the time deposit accounts and demand deposits

accounts form the principal source of Islamic banks financing activities on the assets side. Islamic

banks can also have investment deposit accounts invested in specific projects with a return based on

the outcome of the project and the ratio of profit-sharing agreed between the bank and the

depositors.

Current deposits in the Islamic banking system are similar to those in the conventional banking

system; they are fully repayable at all times on demand and banks do not usually pay any return on

these deposits. In Islamic banking, current account deposits, also called Qard Hasan deposits, are

treated as a loan from a customer to the Islamic bank; the bank should guarantee full payment of the

principal amount on demand. Demand deposits are considered as Amanah which the bank is expected

to hold in trust. Yet, resources of such deposits can be used in operations where there is a possibilityof both profit and loss with the specific permission of the depositors.

Saving deposits also exist in the Islamic banking system and are different from conventional saving

deposits as they do not include any fixed return based on interest. Holders of savings deposits within

Islamic banks may have a return which is not fixed in the contract and which may fluctuate along with

the profits of the bank and also share in the losses in there are any. They may be redeemable or non-

redeemable and can also be subject to certain restrictions with respect to the amounts and timing of

withdrawals from such accounts. However, holders of savings deposits may be given some benefits,

though not in the form of a contractually fixed pre-determined return, even though the bank

guarantees the full nominal value of these deposits; this is a kind of incentives to attract savings

deposits. It could be in form of non-fixed prizes and bonuses in cash or kind; exemption or discount inthe payment of commission and fees; and priority in the use of banking facilities.

Time deposits are replaced in the Islamic banking system by deposits which dont earn a pre-

determined return for a fixed period and dont carry a guarantee of their nominal value. These

deposits have different maturity periods and when the Islamic bank makes profits, holders of time

deposits will be entitled to receive a certain proportion of these profits. But, the depositor will have

also to share in losses that the bank may incur. Islamic banks in some countries may accept

investment deposits on both short-term log-term or on unlimited-period. In the latter case, the period

of deposit is not specified, and the deposits are automatically renewed unless the customer gives a

notice of termination of deposit within an accepted time interval. It is generally agreed that

investment deposits of a longer maturity could be given an advantage in form of higher weightages

over deposits of shorter maturity in the profit-sharing arrangements.

Deposit-management based on Mudarabah
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Mudarabah is one of the main arrangement Islamic Banks use to raise funds. under Mudarabah, the

depositors provide the capital for the bank to invest in profitable business ventures which are legal

and Shariah compliant. The depositor acts like the Rab-ul-maal and the bank as the Mudarib. As fund

manager, the bank manages the affairs of the Mudarabah; it can, for example, appoint an agent for

selling or buying assets or lease the assets of the Mudarabah, and also takes the necessary actions for

the benefit of the Mudarabah, such as the creation reserves to anticipate any unforeseen event. TheMudarabah arrangement is used by Islamic banks in many types of deposits such as saving deposits,

investment deposits, risk-prone deposits as well as other specific deposits. Islamic banks may also

issue or purchase a variety of Mudarabah Sukuk and certificates

Depositis in savings accounts that are accepted by Islamic banks on the basis of mudarabah are

considered investments of depositors for a share in the profit. They are generally placed in a joint

investment pool with other deposits mobilised by the Islamic banks. The ratio of profit distribution is

agreed upon at the outset between the bank and the depositor. The profit sharing weightages are

assigned based on the various tenures and the amount invested under this arrangement. The bank is

entitled to a part of the profit, whereas profit distribution amongst the depositors and the shareholders

will be made according to these pre-assigned weightage usually at the beginning of each month to

their investments.

Term investment deposits are also allocated to a number of Mudarabah investment pools where the

Islamic bank invests the pooled amount in businesses which are in compliance with Shariah

principles. All direct expenses are charged to the respective pools, expenses related to general

management are borne by the bank itself, and the net proceeds are distributed between the bank and

the pools and then among the depositors represented by the pool. Depositors in the Mudarabah pool

are informed in advance of the ratio used for sharing the net earnings of the investment pool with the

bank. The profit distribution among the depositors and the bank is done through a constructive

liquidation after the accounting period to refresh the joint relationship for the next period. Profits are

calculated and accrued every month and paid on maturity of the deposit or as agreed between a

depositor and the bank. If the bank also provides funds, it would be entitled to get a profit on its owncapital in the proportion which such capital has, to the total capital of the Mudarabah.

In the case where a bank also provides funds from its equity at the time of setting up of an

investment pool, suppose the depositors provide $20,000 and the bank provides $20,000 to form an

investment pool of $40,000 for a joint business venture; the arrangement would be a combination of

Musharakah and Mudarabah and the bank would be entitled to a proportionate profit on its own

investment in relation to the total Mudarabah investment pool. If it is agreed to share the profit in the

ratio of 40:60 between the bank as mudarib and the depositors, and if the profit earned by the

investment pool is $2,000, the bank will receive $800 (40%) as its profit on its own investment of

$20,000 representing its share in the investment pool. In addition to such a share in the profit, the

bank would also be entitled to share the remaining profit as fund manager for the investment pool onthe pre-agreed ratio. The remaining profit of $1,200 will then be distributed between the bank, as

mudarib and the depositors at the pre-agreed ratio of 40:60. It means that, out of the profit of

$1,200, the bank will receive more $480 and the $720 will be distributed among the other depositors

of the investment pool.


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Protection of risk-averse depositors

In Islamic deposits, the extent of risk-exposure and the period of the deposit determine the return andthe nature of the relationship between the bank and the depositors. If the bank records losses as a

result of bad investments, depositors may lose some of their deposits. The contractual agreement

between depositors and Islamic banks does not pre-determine any rates of return, it only sets the

ratio according to which profits and losses are distributed between the parties to the deposit contract.

Risk-averse depositors must establish a capital adequacy requirement with the bank, to protect

depositors and to give correct incentives to shareholders to promote prudent behaviour. Whereas, the

funds of those who agree to take a risk, but are not in a position to incur a loss may be used for

investments offering low-risk on the basis of Murabaha and Ijarah. As trustees, the banks can manage

individual portfolios where the investors may have flexibility in choosing the best way and place to

invest according to their priorities and risk-bearing levels.

In fact, Islamic banks should take into account the risk-exposure limit of its clients. Widows and the

retired people, for example, are normally not in a position to bear the risk of loss, while some other

groups, having excess money may be willing to take such risk. Therefore, the deposits of the risk-

averse clients can be accepted either in current accounts, as loans that will be guaranteed with no

share in the return from the financing operations of the bank, or by introducing special deposit

products for them. They can also be made places in general or specific pools governed under the

system of Mudarabah using the weightages system or on Wakalah basis.

Deposits accepted by Islamic banks can also be insured against possible losses, if the Takaful

contribution does not involve the element of interest. However, According to the rules of partnership

adopted by Islamic banks with the depositors, profit and even the repayment of the principal amountof deposits cannot be guaranteed. For that reason, Islamic banks have evolved procedures for deposit

and investment protection that include risk management practices. These regulations also tend to limit

excessive risk-taking.

The early years

Prior to Ugandas independence in 1962, Government-owned institutions dominated

mostbankingin Uganda. In 1966 the Bank of Uganda, which controlled the issue ofcurrencyand

managedforeign exchange reserves, became the Central Bank. Uganda Commercial Bank, which had

fifty branches throughout the country, dominated commercial bankingand was wholly owned by the

government. TheUganda Development Bank was a state-owned development finance institution, which
http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Governmenthttp://en.wikipedia.org/wiki/Bankinghttp://en.wikipedia.org/wiki/Bankinghttp://en.wikipedia.org/wiki/Bankinghttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Bank_of_Ugandahttp://en.wikipedia.org/wiki/Currencyhttp://en.wikipedia.org/wiki/Currencyhttp://en.wikipedia.org/wiki/Foreign_exchange_reserveshttp://en.wikipedia.org/wiki/Foreign_exchange_reserveshttp://en.wikipedia.org/wiki/Foreign_exchange_reserveshttp://en.wikipedia.org/wiki/Central_Bankhttp://en.wikipedia.org/wiki/Uganda_Commercial_Bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Uganda_Development_Bankhttp://en.wikipedia.org/wiki/Uganda_Development_Bankhttp://www.muslimhands.org/link/8007/http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Governmenthttp://en.wikipedia.org/wiki/Bankinghttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Bank_of_Ugandahttp://en.wikipedia.org/wiki/Currencyhttp://en.wikipedia.org/wiki/Foreign_exchange_reserveshttp://en.wikipedia.org/wiki/Central_Bankhttp://en.wikipedia.org/wiki/Uganda_Commercial_Bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Uganda_Development_Bank


11/19

channeled loans from international sources into Ugandanenterprises and administered most of the

development loans made toUganda.

The East African Development Bank, established in 1967 was jointly owned by Uganda,Kenya,

andTanzania. It was also concerned with development finance. It survived the breakup of the East

African Communityin 1977 and received a new charter in 1980.

In the 1960s, other commercial banks included local operations ofBank of Baroda,Barclays Bank,Bank

of India,Grindlays Bank,Standard Chartered Bank and Uganda Cooperative Bank.

During the 1970s and early 1980s, the number ofcommercial bank branches and services contracted

significantly. Whereas Uganda had 290 commercial bankbranches in 1970, by 1987 there were only 84,

of which 58 branches were operated by government-owned banks. This number began to increase slowly

the following year, and in 1989 the gradual increase in banking activity signaled growing confidence

inUganda's economic recovery.

[1]

[edit]Growing Pains

In the late 1990s and early 2000s, the Ugandan banking industry underwent significant restructuring.

Several indigenous commercial bankswere declared insolvent, taken over by thecentral bank and

eventually sold or liquidated. These included Cooperative Bank, Greenland Bank, International Credit

Bank, Teefe Bank and Gold Trust Bank which were closed or sold. Uganda Commercial Bank was initially

privatized through a sale of its majority shares to a purported company from Malaysia. However it later

came to light that the actual buyer was a partnership between Greenland Bank (which itself was

insolvent) and some politically connected individuals. A second privatization sale was conducted, with

the Standard Bank emerging as the winner.

The privatized Uganda Commercial Bank was merged with the formerGrindlays Bank which Standard

Bank already owned and had renamed Stanbic Bank. The combined new bank is now known as Stanbic

Bank (Uganda) Limited. As of 2008, Stanbic Bank (Uganda) Limitedwas the dominant commercial bank

inUganda, with about 27% of all bank assets and about 20% of all bank branches.[2]Nile Bank Limited,

an indigenous institution, was acquired by the British conglomerate, Barclays Bank in January 2007 and

merged with its existing Ugandan operations to form the current Barclays Bank (Uganda).[3]

A moratorium on new commercial banklicenses was declared in 2004, with the passage of a new

banking bill inParliament, which established new banking institution classification guidelines. There are

four classes of lending financial institutions under the new regulations as outlined below.

[edit]New Opportunities
http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/East_African_Development_Bankhttp://en.wikipedia.org/wiki/East_African_Development_Bankhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Kenyahttp://en.wikipedia.org/wiki/Tanzaniahttp://en.wikipedia.org/wiki/Tanzaniahttp://en.wikipedia.org/wiki/East_African_Communityhttp://en.wikipedia.org/wiki/East_African_Communityhttp://en.wikipedia.org/wiki/East_African_Communityhttp://en.wikipedia.org/wiki/Bank_of_Barodahttp://en.wikipedia.org/wiki/Bank_of_Barodahttp://en.wikipedia.org/wiki/Bank_of_Barodahttp://en.wikipedia.org/wiki/Barclays_Bankhttp://en.wikipedia.org/wiki/Bank_of_Indiahttp://en.wikipedia.org/wiki/Bank_of_Indiahttp://en.wikipedia.org/wiki/Bank_of_Indiahttp://en.wikipedia.org/wiki/Grindlays_Bankhttp://en.wikipedia.org/wiki/Grindlays_Bankhttp://en.wikipedia.org/wiki/Grindlays_Bankhttp://en.wikipedia.org/wiki/Standard_Chartered_Bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-0http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=2http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=2http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Central_bankhttp://en.wikipedia.org/wiki/Malaysiahttp://en.wikipedia.org/wiki/Standard_Bankhttp://en.wikipedia.org/wiki/Grindlays_Bankhttp://en.wikipedia.org/wiki/Standard_Bankhttp://en.wikipedia.org/wiki/Standard_Bankhttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-1http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-1http://en.wikipedia.org/wiki/Nile_Bank_Limitedhttp://en.wikipedia.org/wiki/Barclays_Bankhttp://en.wikipedia.org/wiki/Barclays_Bank_(Uganda)http://en.wikipedia.org/wiki/Barclays_Bank_(Uganda)http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-2http://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Parliamenthttp://en.wikipedia.org/wiki/Parliamenthttp://en.wikipedia.org/wiki/Parliamenthttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=3http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=3http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/East_African_Development_Bankhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Kenyahttp://en.wikipedia.org/wiki/Tanzaniahttp://en.wikipedia.org/wiki/East_African_Communityhttp://en.wikipedia.org/wiki/East_African_Communityhttp://en.wikipedia.org/wiki/Bank_of_Barodahttp://en.wikipedia.org/wiki/Barclays_Bankhttp://en.wikipedia.org/wiki/Bank_of_Indiahttp://en.wikipedia.org/wiki/Bank_of_Indiahttp://en.wikipedia.org/wiki/Grindlays_Bankhttp://en.wikipedia.org/wiki/Standard_Chartered_Bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-0http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=2http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Central_bankhttp://en.wikipedia.org/wiki/Malaysiahttp://en.wikipedia.org/wiki/Standard_Bankhttp://en.wikipedia.org/wiki/Grindlays_Bankhttp://en.wikipedia.org/wiki/Standard_Bankhttp://en.wikipedia.org/wiki/Standard_Bankhttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-1http://en.wikipedia.org/wiki/Nile_Bank_Limitedhttp://en.wikipedia.org/wiki/Barclays_Bankhttp://en.wikipedia.org/wiki/Barclays_Bank_(Uganda)http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-2http://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Parliamenthttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=3


12/19

The moratorium on new banks was lifted in July 2007. During the eighteen (18) months that followed the

lifting of the moratorium, eight (8) new commercial banks were licensed. These included Kenya

Commercial Bank,Equity Bank and Fina Bank, all from Kenya. Global Trust BankandUnited Bank for

Africa trace their roots fromNigeria. Ecobank is headquartered inTogo and Housing Finance Bank is an

indigenous operation. Three other banks, ABC Bank (Kenya),Access Bankfrom Nigeria and CRDB

Bank fromTanzania, have publicly declared their intention to start banking operations in Uganda in 2009.

[4][5]

During 2008 and 2009, several of the existing banks went on an accelerated branch expansion either

through mergers and acquisitions or through denovo branch openings. As of October 2010, there are

twenty-two (22) licensedcommercial banksinUganda, with nearly four hundred (400) bank branches and

a total of almost six hundred (600) ATMs.[6]

As of December 2009, total commercial bank assets in Uganda were estimated at US$4.6 billion (UGX

8.73 trillion).[7] (Official Exchange Rate in December 2009 was US$1=UGX:1,897)[8] The number of bank

accounts in the country is over five (5) million. This represents a 16% penetration, given Uganda's

population of 32,000,000.[9]

Rwanda formally joined theEast African Development Bank in July 2008.Burundi, as well, is expected to

join the bank in the near future.[10]In April 2009, Bank PHB,Nigeria's fifth largest bank, bought 80%

ownership ofOrient Bank, Uganda's 8th largest commercial bank. This brings the current number of

Ugandan banks with major investments from Nigeria to three (3).[11]

In November 2010, Bank of Uganda, the national banking regulator, directed that all commercial banksin

Uganda, must raise their minimum capital to Ugx:10 billion (approximately US$4.34 million) by March

2011 and to Ugx:25 billion (approximately US$11 million) by March 2013. Any new commercial bank

entering the Ugandan market effective November 2010, has to have a minimum capitalization of Ugx:25

billion.[12]

[edit]Classification of Financial Institutions

[edit]Tier I Financial Institutions

This class includes commercial banks which are authorized to hold checking,savings and time-

deposit accounts for individuals and institutions in local as well as International currencies. Commercial

banks are also authorized to buy and sell foreign exchange, issue letters of credit and make loans to

depositors and non-depositors.[13]

Asset Allocation Among Commercial Banks

As of December 2010, it is estimated that asset allocation among the twenty the twenty-two (22)

operational Ugandancommercial banksbreaks down as follows:
http://en.wikipedia.org/wiki/Kenya_Commercial_Bank_(Uganda)http://en.wikipedia.org/wiki/Kenya_Commercial_Bank_(Uganda)http://en.wikipedia.org/wiki/Equity_Bank_(Uganda)http://en.wikipedia.org/wiki/Equity_Bank_(Uganda)http://en.wikipedia.org/wiki/Fina_Bank_(Uganda)http://en.wikipedia.org/wiki/Fina_Bank_(Uganda)http://en.wikipedia.org/wiki/Kenyahttp://en.wikipedia.org/wiki/Global_Trust_Bankhttp://en.wikipedia.org/wiki/Global_Trust_Bankhttp://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/Nigeriahttp://en.wikipedia.org/wiki/Nigeriahttp://en.wikipedia.org/wiki/Ecobankhttp://en.wikipedia.org/wiki/Togohttp://en.wikipedia.org/wiki/Housing_Finance_Bankhttp://en.wikipedia.org/wiki/ABC_Bank_(Kenya)http://en.wikipedia.org/wiki/Access_Bankhttp://en.wikipedia.org/wiki/Access_Bankhttp://en.wikipedia.org/wiki/Access_Bankhttp://en.wikipedia.org/wiki/Nigeriahttp://en.wikipedia.org/wiki/CRDB_Bankhttp://en.wikipedia.org/wiki/CRDB_Bankhttp://en.wikipedia.org/wiki/Tanzaniahttp://en.wikipedia.org/wiki/Tanzaniahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-3http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-4http://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Automated_teller_machinehttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-5http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-6http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-6http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-7http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-8http://en.wikipedia.org/wiki/Rwandahttp://en.wikipedia.org/wiki/East_African_Development_Bankhttp://en.wikipedia.org/wiki/East_African_Development_Bankhttp://en.wikipedia.org/wiki/Burundihttp://en.wikipedia.org/wiki/Burundihttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-9http://en.wikipedia.org/wiki/Bank_PHBhttp://en.wikipedia.org/wiki/Bank_PHBhttp://en.wikipedia.org/wiki/Nigeriahttp://en.wikipedia.org/wiki/Nigeriahttp://en.wikipedia.org/wiki/Orient_Bankhttp://en.wikipedia.org/wiki/Orient_Bankhttp://en.wikipedia.org/wiki/Orient_Bankhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-10http://en.wikipedia.org/wiki/Bank_of_Ugandahttp://en.wikipedia.org/wiki/Bank_of_Ugandahttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-11http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-11http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=4http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=4http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=5http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=5http://en.wikipedia.org/wiki/Chequehttp://en.wikipedia.org/wiki/Chequehttp://en.wikipedia.org/wiki/Savingshttp://en.wikipedia.org/wiki/Account_(accountancy)http://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-12http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Kenya_Commercial_Bank_(Uganda)http://en.wikipedia.org/wiki/Kenya_Commercial_Bank_(Uganda)http://en.wikipedia.org/wiki/Equity_Bank_(Uganda)http://en.wikipedia.org/wiki/Fina_Bank_(Uganda)http://en.wikipedia.org/wiki/Kenyahttp://en.wikipedia.org/wiki/Global_Trust_Bankhttp://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/Nigeriahttp://en.wikipedia.org/wiki/Ecobankhttp://en.wikipedia.org/wiki/Togohttp://en.wikipedia.org/wiki/Housing_Finance_Bankhttp://en.wikipedia.org/wiki/ABC_Bank_(Kenya)http://en.wikipedia.org/wiki/Access_Bankhttp://en.wikipedia.org/wiki/Nigeriahttp://en.wikipedia.org/wiki/CRDB_Bankhttp://en.wikipedia.org/wiki/CRDB_Bankhttp://en.wikipedia.org/wiki/Tanzaniahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-3http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-4http://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Automated_teller_machinehttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-5http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-6http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-7http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-8http://en.wikipedia.org/wiki/Rwandahttp://en.wikipedia.org/wiki/East_African_Development_Bankhttp://en.wikipedia.org/wiki/Burundihttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-9http://en.wikipedia.org/wiki/Bank_PHBhttp://en.wikipedia.org/wiki/Nigeriahttp://en.wikipedia.org/wiki/Orient_Bankhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-10http://en.wikipedia.org/wiki/Bank_of_Ugandahttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-11http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=4http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=5http://en.wikipedia.org/wiki/Chequehttp://en.wikipedia.org/wiki/Savingshttp://en.wikipedia.org/wiki/Account_(accountancy)http://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-12http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Commercial_bank


13/19

List of Licensed Commercial Banks

List of Licensed Commercial Banks

Ra

nk Bank

Market

Share

(Asset

s)

Number

of

Branch

es

1Stanbic

Bank24% 67

2

Standard

Chartered

Bank

15% 10

3Barclays

Bank12% 65[14]

4 DFCU Bank 08% 24

5Centenary

Bank07% 37

6 Crane Bank 06% 15

7 Citibank 04% 01

8Bank of

Baroda04% 10

9 Orient Bank 03% 12

10

Housing

Finance

Bank

03% 12

11Tropical

Bank03% 07

12Bank of

Africa03% 21

13 Equity Bank 1.5% 47
http://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Standard_Chartered_Bank_(Uganda)http://en.wikipedia.org/wiki/Standard_Chartered_Bank_(Uganda)http://en.wikipedia.org/wiki/Standard_Chartered_Bank_(Uganda)http://en.wikipedia.org/wiki/Barclays_Bank_(Uganda)http://en.wikipedia.org/wiki/Barclays_Bank_(Uganda)http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-13http://en.wikipedia.org/wiki/DFCU_Bankhttp://en.wikipedia.org/wiki/Centenary_Bankhttp://en.wikipedia.org/wiki/Centenary_Bankhttp://en.wikipedia.org/wiki/Crane_Bankhttp://en.wikipedia.org/wiki/Citibankhttp://en.wikipedia.org/wiki/Bank_of_Baroda_(Uganda)http://en.wikipedia.org/wiki/Bank_of_Baroda_(Uganda)http://en.wikipedia.org/wiki/Orient_Bankhttp://en.wikipedia.org/wiki/Housing_Finance_Bankhttp://en.wikipedia.org/wiki/Housing_Finance_Bankhttp://en.wikipedia.org/wiki/Housing_Finance_Bankhttp://en.wikipedia.org/wiki/Tropical_Bankhttp://en.wikipedia.org/wiki/Tropical_Bankhttp://en.wikipedia.org/wiki/Bank_of_Africa_(Uganda)http://en.wikipedia.org/wiki/Bank_of_Africa_(Uganda)http://en.wikipedia.org/wiki/Equity_Bank_(Uganda)http://en.wikipedia.org/wiki/Banking_in_Ugandahttp://en.wikipedia.org/wiki/Banking_in_Ugandahttp://en.wikipedia.org/wiki/Banking_in_Ugandahttp://en.wikipedia.org/wiki/Banking_in_Ugandahttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Stanbic_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Standard_Chartered_Bank_(Uganda)http://en.wikipedia.org/wiki/Standard_Chartered_Bank_(Uganda)http://en.wikipedia.org/wiki/Standard_Chartered_Bank_(Uganda)http://en.wikipedia.org/wiki/Barclays_Bank_(Uganda)http://en.wikipedia.org/wiki/Barclays_Bank_(Uganda)http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-13http://en.wikipedia.org/wiki/DFCU_Bankhttp://en.wikipedia.org/wiki/Centenary_Bankhttp://en.wikipedia.org/wiki/Centenary_Bankhttp://en.wikipedia.org/wiki/Crane_Bankhttp://en.wikipedia.org/wiki/Citibankhttp://en.wikipedia.org/wiki/Bank_of_Baroda_(Uganda)http://en.wikipedia.org/wiki/Bank_of_Baroda_(Uganda)http://en.wikipedia.org/wiki/Orient_Bankhttp://en.wikipedia.org/wiki/Housing_Finance_Bankhttp://en.wikipedia.org/wiki/Housing_Finance_Bankhttp://en.wikipedia.org/wiki/Housing_Finance_Bankhttp://en.wikipedia.org/wiki/Tropical_Bankhttp://en.wikipedia.org/wiki/Tropical_Bankhttp://en.wikipedia.org/wiki/Bank_of_Africa_(Uganda)http://en.wikipedia.org/wiki/Bank_of_Africa_(Uganda)http://en.wikipedia.org/wiki/Equity_Bank_(Uganda)


14/19

14Diamond

Trust Bank01% 15

15

Kenya

Commercial

Bank

01% 15

16

United

Bank for

Africa

01% 09

17Global

Trust Bank01% 8

18 Ecobank 01% 09

19

Cairo

Internation

al Bank

0.5% 01

20 Fina Bank 0.5% 06

21ABC Capital

Bank0.3% 01

22

National

Bank of

Commerce

0.2% 02

Tot

al

Twenty

Two100.0 394

[edit]Tier II Financial Institutions

This class includes Credit and

Finance companies. They are not

authorized to establish checking

accounts or trade in foreign

currency. They are authorized to

take in customer deposits and to

establish savings accounts. Theyare also authorized to make

collateralized and non-

collateralized loans to savings and

non-savings customers:[15]

Mercantile Credit Bank
http://en.wikipedia.org/wiki/Diamond_Trust_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Diamond_Trust_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/KCB_Ugandahttp://en.wikipedia.org/wiki/KCB_Ugandahttp://en.wikipedia.org/wiki/KCB_Ugandahttp://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/Global_Trust_Bankhttp://en.wikipedia.org/wiki/Global_Trust_Bankhttp://en.wikipedia.org/wiki/Ecobank_(Uganda)http://en.wikipedia.org/wiki/Cairo_International_Bankhttp://en.wikipedia.org/wiki/Cairo_International_Bankhttp://en.wikipedia.org/wiki/Cairo_International_Bankhttp://en.wikipedia.org/wiki/Fina_Bank_(Uganda)http://en.wikipedia.org/wiki/ABC_Bank_(Uganda)http://en.wikipedia.org/wiki/ABC_Bank_(Uganda)http://en.wikipedia.org/wiki/National_Bank_of_Commerce_(Uganda)http://en.wikipedia.org/wiki/National_Bank_of_Commerce_(Uganda)http://en.wikipedia.org/wiki/National_Bank_of_Commerce_(Uganda)http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=6http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-14http://en.wikipedia.org/wiki/Mercantile_Credit_Bankhttp://en.wikipedia.org/wiki/Diamond_Trust_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/Diamond_Trust_Bank_(Uganda)_Limitedhttp://en.wikipedia.org/wiki/KCB_Ugandahttp://en.wikipedia.org/wiki/KCB_Ugandahttp://en.wikipedia.org/wiki/KCB_Ugandahttp://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/United_Bank_for_Africa_(Uganda)http://en.wikipedia.org/wiki/Global_Trust_Bankhttp://en.wikipedia.org/wiki/Global_Trust_Bankhttp://en.wikipedia.org/wiki/Ecobank_(Uganda)http://en.wikipedia.org/wiki/Cairo_International_Bankhttp://en.wikipedia.org/wiki/Cairo_International_Bankhttp://en.wikipedia.org/wiki/Cairo_International_Bankhttp://en.wikipedia.org/wiki/Fina_Bank_(Uganda)http://en.wikipedia.org/wiki/ABC_Bank_(Uganda)http://en.wikipedia.org/wiki/ABC_Bank_(Uganda)http://en.wikipedia.org/wiki/National_Bank_of_Commerce_(Uganda)http://en.wikipedia.org/wiki/National_Bank_of_Commerce_(Uganda)http://en.wikipedia.org/wiki/National_Bank_of_Commerce_(Uganda)http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=6http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-14http://en.wikipedia.org/wiki/Mercantile_Credit_Bank


15/19

Opportunity Uganda

Limited - A 100% subsidiary

ofOpportunity International[16]

PostBank Uganda

[edit]Tier III Financial Institutions

This class includes microfinance

institutions which are allowed to

take in deposits from customers in

the form of savings accounts.

Members of this class of

institutions are also known as

Microfinance Deposit-taking

Institutions or MDIs. MDIs are not

authorized to offer checking

accounts or to trade in foreign

currency.[17]

FINCA Uganda Limited

Pride Microfinance Limited

Uganda Finance Trust

Limited

[edit]Tier IV Institutions

These institutions are not regulated

by the Bank of Uganda. They are

not authorized to take in deposits

from the public. However, they

may offer collateralized or non-

collateralized loans to the public. In

2008, it is estimated that there are

over 1,000 such institutions in the

country.[18]

[edit]Development Banks

East African Development

Bank

Uganda Development Bank

[edit]Investment Banks
http://en.wikipedia.org/wiki/Opportunity_Uganda_Limitedhttp://en.wikipedia.org/wiki/Opportunity_Uganda_Limitedhttp://en.wikipedia.org/wiki/Opportunity_Internationalhttp://en.wikipedia.org/wiki/Opportunity_Internationalhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-15http://en.wikipedia.org/wiki/PostBank_Ugandahttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=7http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-16http://en.wikipedia.org/wiki/FINCA_Uganda_Limitedhttp://en.wikipedia.org/wiki/Pride_Microfinance_Limitedhttp://en.wikipedia.org/wiki/Uganda_Finance_Trust_Limitedhttp://en.wikipedia.org/wiki/Uganda_Finance_Trust_Limitedhttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=8http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-17http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=9http://en.wikipedia.org/wiki/East_African_Development_Bankhttp://en.wikipedia.org/wiki/East_African_Development_Bankhttp://en.wikipedia.org/wiki/Uganda_Development_Bankhttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=10http://en.wikipedia.org/wiki/Opportunity_Uganda_Limitedhttp://en.wikipedia.org/wiki/Opportunity_Uganda_Limitedhttp://en.wikipedia.org/wiki/Opportunity_Internationalhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-15http://en.wikipedia.org/wiki/PostBank_Ugandahttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=7http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-16http://en.wikipedia.org/wiki/FINCA_Uganda_Limitedhttp://en.wikipedia.org/wiki/Pride_Microfinance_Limitedhttp://en.wikipedia.org/wiki/Uganda_Finance_Trust_Limitedhttp://en.wikipedia.org/wiki/Uganda_Finance_Trust_Limitedhttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=8http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-17http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=9http://en.wikipedia.org/wiki/East_African_Development_Bankhttp://en.wikipedia.org/wiki/East_African_Development_Bankhttp://en.wikipedia.org/wiki/Uganda_Development_Bankhttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=10


16/19

African Alliance Investment

Bank

Dyer & Blair Investment

Bank

Merchant Bank of East

Africa (MBEA)

Renaissance Capital

Investment Bank

[edit]Insurance companies

Main article: List of insurance

companies in Uganda

There are twenty-five

(25) insurance companies in

Uganda, as of March 2010.

[edit]Foreign exchange bureaus

Main article:List of foreign

exchange bureaus in Uganda

Other regulated financial

institutions include one hundred

and twenty three (123) licensed

foreign exchange bureaus, of which

92% are located in Kampala, the

capital city and only 8% are located

outside of Kampala.

[edit]Deposit Insurance

The Deposit Insurance Scheme was

established in 1994 and became

operational in 1997. It is funded by

premiums charged to every

licensed deposit-taking financial

institution in the country. Each

account is protected to the tune

ofUganda Shillings(UGX) 3 million

(approx. US$1,800).[19] The

Depositor Insurance Law was

enacted by Parliament and states

that all depositors must be paid

within ninety (90) days of a bank
http://en.wikipedia.org/w/index.php?title=African_Alliance_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=African_Alliance_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Dyer_%26_Blair_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Dyer_%26_Blair_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Merchant_Bank_of_East_Africa&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Merchant_Bank_of_East_Africa&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Renaissance_Capital_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Renaissance_Capital_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Renaissance_Capital_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=11http://en.wikipedia.org/wiki/List_of_insurance_companies_in_Ugandahttp://en.wikipedia.org/wiki/List_of_insurance_companies_in_Ugandahttp://en.wikipedia.org/wiki/List_of_insurance_companies_in_Ugandahttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=12http://en.wikipedia.org/wiki/List_of_foreign_exchange_bureaus_in_Ugandahttp://en.wikipedia.org/wiki/List_of_foreign_exchange_bureaus_in_Ugandahttp://en.wikipedia.org/wiki/List_of_foreign_exchange_bureaus_in_Ugandahttp://en.wikipedia.org/wiki/List_of_foreign_exchange_bureaus_in_Ugandahttp://en.wikipedia.org/wiki/List_of_foreign_exchange_bureaus_in_Ugandahttp://en.wikipedia.org/wiki/Kampalahttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=13http://en.wikipedia.org/wiki/Uganda_Shillinghttp://en.wikipedia.org/wiki/Uganda_Shillinghttp://en.wikipedia.org/wiki/UGXhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-18http://en.wikipedia.org/wiki/Parliamenthttp://en.wikipedia.org/w/index.php?title=African_Alliance_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=African_Alliance_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Dyer_%26_Blair_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Dyer_%26_Blair_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Merchant_Bank_of_East_Africa&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Merchant_Bank_of_East_Africa&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Renaissance_Capital_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Renaissance_Capital_Investment_Bank&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=11http://en.wikipedia.org/wiki/List_of_insurance_companies_in_Ugandahttp://en.wikipedia.org/wiki/List_of_insurance_companies_in_Ugandahttp://en.wikipedia.org/wiki/List_of_insurance_companies_in_Ugandahttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=12http://en.wikipedia.org/wiki/List_of_foreign_exchange_bureaus_in_Ugandahttp://en.wikipedia.org/wiki/List_of_foreign_exchange_bureaus_in_Ugandahttp://en.wikipedia.org/wiki/List_of_foreign_exchange_bureaus_in_Ugandahttp://en.wikipedia.org/wiki/List_of_foreign_exchange_bureaus_in_Ugandahttp://en.wikipedia.org/wiki/Kampalahttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=13http://en.wikipedia.org/wiki/Uganda_Shillinghttp://en.wikipedia.org/wiki/UGXhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-18http://en.wikipedia.org/wiki/Parliament


17/19

failure and the failing institution

must be sold by the auctioning of

its assets within six (6) months of

its seizure by the central bank. If

the central bank determines that

the failed institution will fetch a

better economic return, if sold as a

whole, then it will re-open under

new ownership and management,

provided the new owners and

managers meet the approval of

the Bank of Uganda. [20]

[edit]Credit Bureau

In 2008, a credit reference bureau

was established for the first time

in Uganda. The

bureau, Compuscan, based

in South Africa, has subsidiaries

in Botswana, Namibia, Rwandaand

Uganda, with new ones planned

in Kenyaand Zambia. [21]

With improved credit risk

assessment afforded by thecredit

bureau, new products including

medium and long-term financing

like car loansand mortgages have

been introduced bymostUgandancommercial banks.

As of February 2010, interest rates

which were in the 20% to 30%

range before 2008, were down to

as low as 10%, for the best

customers at some banks.[22]

[edit]External links

Overview of Uganda

Banking Sector April 2010

Resurgence of Uganda's

Banking Sector

UBA Uganda had US$77

million in Assets in 2008 & 130
http://en.wikipedia.org/wiki/Central_bankhttp://en.wikipedia.org/wiki/Central_bankhttp://en.wikipedia.org/wiki/Bank_of_Ugandahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-19http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=14http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Compuscanhttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/Botswanahttp://en.wikipedia.org/wiki/Namibiahttp://en.wikipedia.org/wiki/Rwandahttp://en.wikipedia.org/wiki/Rwandahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Kenyahttp://en.wikipedia.org/wiki/Kenyahttp://en.wikipedia.org/wiki/Zambiahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-20http://en.wikipedia.org/wiki/Credit_bureauhttp://en.wikipedia.org/wiki/Credit_bureauhttp://en.wikipedia.org/wiki/Credit_bureauhttp://en.wikipedia.org/wiki/Car_loanhttp://en.wikipedia.org/wiki/Car_loanhttp://en.wikipedia.org/wiki/Mortgage_loanhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-21http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=15http://www.monitor.co.ug/Business/Business%20Power/-/688616/897912/-/l588sh/-/index.htmlhttp://www.monitor.co.ug/Business/Business%20Power/-/688616/897912/-/l588sh/-/index.htmlhttp://www.thebanker.com/news/fullstory.php/aid/5976/Big_names_reeled_in_by_Ugandan_rebirth.htmlhttp://www.thebanker.com/news/fullstory.php/aid/5976/Big_names_reeled_in_by_Ugandan_rebirth.htmlhttp://www.rwandagateway.org/article.php3?id_article=10379http://www.rwandagateway.org/article.php3?id_article=10379http://en.wikipedia.org/wiki/Central_bankhttp://en.wikipedia.org/wiki/Bank_of_Ugandahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-19http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=14http://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Compuscanhttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/Botswanahttp://en.wikipedia.org/wiki/Namibiahttp://en.wikipedia.org/wiki/Rwandahttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Kenyahttp://en.wikipedia.org/wiki/Zambiahttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-20http://en.wikipedia.org/wiki/Credit_bureauhttp://en.wikipedia.org/wiki/Credit_bureauhttp://en.wikipedia.org/wiki/Car_loanhttp://en.wikipedia.org/wiki/Mortgage_loanhttp://en.wikipedia.org/wiki/Ugandahttp://en.wikipedia.org/wiki/Commercial_bankhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_note-21http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=15http://www.monitor.co.ug/Business/Business%20Power/-/688616/897912/-/l588sh/-/index.htmlhttp://www.monitor.co.ug/Business/Business%20Power/-/688616/897912/-/l588sh/-/index.htmlhttp://www.thebanker.com/news/fullstory.php/aid/5976/Big_names_reeled_in_by_Ugandan_rebirth.htmlhttp://www.thebanker.com/news/fullstory.php/aid/5976/Big_names_reeled_in_by_Ugandan_rebirth.htmlhttp://www.rwandagateway.org/article.php3?id_article=10379http://www.rwandagateway.org/article.php3?id_article=10379


18/19

Employees

[edit]See also

List of Financial Institutions

in Uganda

Institutions Supervised by

Bank of Uganda

List of banks in Uganda

List of banks in Africa

[edit]References

1. ^ Library of

Congress Online Catalog:

Country Studies - Uganda

2. ^ Stanbic Bank

Uganda

3. ^ Nile Bank Limited

4. ^ Kenyan Banks

Make Aggressive Entry

Moves

5. ^ Access Bank

Expands into East Africa

6. ^ Uganda Has

Almost 400 Bank Branches

and Nearly 600 ATMs

7. ^ Banking Sector

Gains Resilience

8. ^ Official Monthly

Exchange Rate Averages

From July 1990 to Present

9. ^ 16% of Ugandans

Have Bank Accounts

10. ^ Ownership of

EADB
http://www.rwandagateway.org/article.php3?id_article=10379http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=16http://en.wikipedia.org/wiki/List_of_banks_in_Africa#.C2.A0Ugandahttp://en.wikipedia.org/wiki/List_of_banks_in_Africa#.C2.A0Ugandahttp://www.bou.or.ug/bouwebsite/opencms/bou/regulation_supervision/supervised_institutions.htmlhttp://www.bou.or.ug/bouwebsite/opencms/bou/regulation_supervision/supervised_institutions.htmlhttp://en.wikipedia.org/wiki/List_of_banks_in_Ugandahttp://en.wikipedia.org/wiki/List_of_banks_in_Africahttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=17http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-0http://lcweb2.loc.gov/cgi-bin/query/r?frd/cstdy:@field(DOCID+ug0102)http://lcweb2.loc.gov/cgi-bin/query/r?frd/cstdy:@field(DOCID+ug0102)http://lcweb2.loc.gov/cgi-bin/query/r?frd/cstdy:@field(DOCID+ug0102)http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-1http://www.stanbicbank.co.ug/SBIC/Frontdoor_07_02/0,2493,9681341_9757102_0,00.htmlhttp://www.stanbicbank.co.ug/SBIC/Frontdoor_07_02/0,2493,9681341_9757102_0,00.htmlhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-2http://en.wikipedia.org/wiki/Nile_Bank_Limitedhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-3http://www.africanexecutive.com/modules/magazine/articles.php?article=3800http://www.africanexecutive.com/modules/magazine/articles.php?article=3800http://www.africanexecutive.com/modules/magazine/articles.php?article=3800http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-4http://www.vanguardngr.com/index.php?option=com_content&task=view&id=8460&Itemid=42http://www.vanguardngr.com/index.php?option=com_content&task=view&id=8460&Itemid=42http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-5http://newvision.co.ug/D/8/220/736177http://newvision.co.ug/D/8/220/736177http://newvision.co.ug/D/8/220/736177http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-6http://allafrica.com/stories/201007080124.htmlhttp://allafrica.com/stories/201007080124.htmlhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-7http://www.bou.or.ug/bouwebsite/opencms/bou/rates_statistics/statistics/monthly_exchange_rates.htmlhttp://www.bou.or.ug/bouwebsite/opencms/bou/rates_statistics/statistics/monthly_exchange_rates.htmlhttp://www.bou.or.ug/bouwebsite/opencms/bou/rates_statistics/statistics/monthly_exchange_rates.htmlhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-8http://newvision.co.ug/D/8/220/679805http://newvision.co.ug/D/8/220/679805http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-9http://en.wikipedia.org/wiki/EADB#Ownershiphttp://en.wikipedia.org/wiki/EADB#Ownershiphttp://www.rwandagateway.org/article.php3?id_article=10379http://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=16http://en.wikipedia.org/wiki/List_of_banks_in_Africa#.C2.A0Ugandahttp://en.wikipedia.org/wiki/List_of_banks_in_Africa#.C2.A0Ugandahttp://www.bou.or.ug/bouwebsite/opencms/bou/regulation_supervision/supervised_institutions.htmlhttp://www.bou.or.ug/bouwebsite/opencms/bou/regulation_supervision/supervised_institutions.htmlhttp://en.wikipedia.org/wiki/List_of_banks_in_Ugandahttp://en.wikipedia.org/wiki/List_of_banks_in_Africahttp://en.wikipedia.org/w/index.php?title=Banking_in_Uganda&action=edit&section=17http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-0http://lcweb2.loc.gov/cgi-bin/query/r?frd/cstdy:@field(DOCID+ug0102)http://lcweb2.loc.gov/cgi-bin/query/r?frd/cstdy:@field(DOCID+ug0102)http://lcweb2.loc.gov/cgi-bin/query/r?frd/cstdy:@field(DOCID+ug0102)http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-1http://www.stanbicbank.co.ug/SBIC/Frontdoor_07_02/0,2493,9681341_9757102_0,00.htmlhttp://www.stanbicbank.co.ug/SBIC/Frontdoor_07_02/0,2493,9681341_9757102_0,00.htmlhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-2http://en.wikipedia.org/wiki/Nile_Bank_Limitedhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-3http://www.africanexecutive.com/modules/magazine/articles.php?article=3800http://www.africanexecutive.com/modules/magazine/articles.php?article=3800http://www.africanexecutive.com/modules/magazine/articles.php?article=3800http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-4http://www.vanguardngr.com/index.php?option=com_content&task=view&id=8460&Itemid=42http://www.vanguardngr.com/index.php?option=com_content&task=view&id=8460&Itemid=42http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-5http://newvision.co.ug/D/8/220/736177http://newvision.co.ug/D/8/220/736177http://newvision.co.ug/D/8/220/736177http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-6http://allafrica.com/stories/201007080124.htmlhttp://allafrica.com/stories/201007080124.htmlhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-7http://www.bou.or.ug/bouwebsite/opencms/bou/rates_statistics/statistics/monthly_exchange_rates.htmlhttp://www.bou.or.ug/bouwebsite/opencms/bou/rates_statistics/statistics/monthly_exchange_rates.htmlhttp://www.bou.or.ug/bouwebsite/opencms/bou/rates_statistics/statistics/monthly_exchange_rates.htmlhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-8http://newvision.co.ug/D/8/220/679805http://newvision.co.ug/D/8/220/679805http://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-9http://en.wikipedia.org/wiki/EADB#Ownershiphttp://en.wikipedia.org/wiki/EADB#Ownership


19/19

11. ^ Bank PHB Buys

80% of Orient Bank

12. ^ Bank of Uganda

Raises Minimum Capital

Requirements For Banks

13. ^ List of Licensed

Commercial Banks

14. ^ Barclays Bank

Branches In Uganda

15. ^ List of Licensed

Credit Institutions

16. ^ Opportunity

International Takes Over

Faulu Uganda

17. ^ List of Deposit-

Taking Microfinance

Institutions

18. ^ Non Deposit-

Taking Microfinance

Institutions

19. ^ Review ofUganda's Banking Sector

2009

20. ^ Intervention

Policies of Bank of Uganda

21. ^ Compuscan

Uganda

22. ^ PostBank Uganda

Offers 10% Interest on

Agricultural Loans
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ou-downloads/acts/other_acts_regulations/intervention_policy_GoU_270597.pdfhttp://www.bou.or.ug/bouwebsite/export/sites/default/bou/bou-downloads/acts/other_acts_regulations/intervention_policy_GoU_270597.pdfhttp://en.wikipedia.org/wiki/Banking_in_Uganda#cite_ref-20http://www.compuscan.co.za/live/content.php?Item_ID=183http://www.compuscan.co.za/live/content.

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