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Midsocbank

From Wikipedia, the free encyclopedia

Midsocbank
Company typePrivate company
IndustryFinancial services
Headquarters,
Key people
Haruna Sebaggala
Chairman
ProductsSharia Loans & Investments
Websitewww.midsocbank.com

Midsocbank (Midsoc), also Midsoc Bank, is a proposed Islamic banking start-up institution in Uganda, the third-largest economy in the East African Community.[1][2]

Location

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The headquarters of Midsocbank are located at 2D Nakasero Hill Road, in the central business district of Kampala, the capital and largest city of Uganda.[3] The geographical coordinates of the bank's headquarters are: 0°19'31.0"N, 32°34'46.0"E (Latitude:0.325278; Longitude:32.579444).[4]

Overview

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The founders and organizers of Midsoc Bank plan to establish a Sharia-compliant financial institution with the help of deep-pocketed International Islamic banking institutions, who would offer capital, managerial expertise, training and credibility to the new bank. At a later stage, the institution would diversify in other Islamic financing products, including insurance, re-insurance, sukuk, and other Islamic investments.[5]

Ownership

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The proposed ownership of Midsoc Bank is as depicted in the table below:[5]

Proposed Midsoc Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Islamic Development Bank 33.3
2 Strategic Islamic Bank Investor 33.3
3 Local Ugandan Institutions & Individuals 33.4
Total 100.00

See also

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References

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  1. ^ Ojambo, Fred (27 March 2018). "Spreading Islamic Banking in Uganda, One Sermon at a Time". New York City: Bloomberg.com. Retrieved 22 March 2019.
  2. ^ "East Africa Rides The Islamic Finance Train; Uganda Next To Join". Gulf Times. 26 June 2018. Retrieved 22 March 2019.
  3. ^ Midsocbank (20 July 2018). "Midsocbank: Contact Us". Kampala: Midsocbank. Retrieved 22 March 2019.
  4. ^ "Location of the Headquarters of Midsocbank, Nakasero Hill, Kampala, Uganda" (Map). Google Maps. Retrieved 20 July 2018.
  5. ^ a b Midsocbank (20 July 2018). "Midsocbank: About Us". Kampala: Midsocbank. Retrieved 22 March 2019.
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