Midsocbank (Midsoc), also Midsoc Bank, is a proposed Islamic banking start-up institution in Uganda, the third-largest economy in the East African Community.
Location 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. 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).
Overview 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.
Ownership The proposed ownership of Midsoc Bank is as depicted in the table below:
+ Proposed Midsoc Bank Stock Ownership Rank Name of OwnerPercentage Ownership 1 Islamic Development Bank 33.3 2 Strategic Islamic Bank Investor 33.3 3 Local Ugandan Institutions & Individuals 33.4 Total100.00
See also List of banks in Uganda
References
External links Islamic Banking legalised; what does it mean and will it benefit Uganda?