Kiryowa Kiwanuka, the Attorney General explained to the House that maintaining in the Financial Institutions Act a provision for the Shariah Advisory Council would complicate the Central Bank’s supervisory mandate over a product it has helped to create.
Cephas Birungyi, a Team Leader at Birungyi, Barata & Associates and a representative of the Uganda Law Society underscored the need for a cautious approach in implementing the proposed legislation on Islamic Banking.
Speaking at the flag-off, the Uganda Vintage Car Club President, James Ayo, said that many of them have been forced to re-register their cars using the current registration and number plate series when changing ownership or acquiring vehicle insurance.
The legal Committee of Parliament has rejected a proposal to have the Deputy Governor Bank of Uganda (BoU) serve for a maximum two terms of 10 years while the Governor’s term is unlimited.
The MPs led by the Kampala Central MP Mohammed Nsereko point out that businesses have been financially crippled by the COVID-19 lockdown and deserve a major bailout in order to stay afloat.
The Minister of Finance Matia Kasaija has announced the deferring of taxes worth 129.4 billion as a short term emergency relief to businesses due to effects of the Corona virus pandemic.
Nandala also told Kagole that the documents show that just in a space of one day, he withdrew another Shillings 29.8 million on June 29th, 2018 for the alleged travel of the Chief Justice to South Africa and questioned how the Chief Justice would travel to two destinations at the same time.
In his presentation on Tuesday evening, the Finance Committee Chairperson, Henry Musasizi explained that the Bank of Uganda Act, 2000 provides that government is authorized to issue securities for recapitalising BOU where its capital impaired.
According to the Bank of Uganda act, the Central Bank Governor who is also the most senior officer in the bank also chairs the board of directors and deputized by the Deputy Governor. The other members are the Secretary to the Treasury and directors from different departments in the bank.
