Misplaced Pages

#935064

14-543: The headquarters of IRAU are located at: Plot 6 Lumumba Avenue, on Nakasero Hill in the Kampala Central Division . The coordinates of the IRAU headquarters Kampala are:0°19'03.5"N 32°34'41.5"E. In March 2018, construction began on Insurance Towers , a 13-floor skyscraper to house the headquarters of IRAU. The 16,500 square metres (178,000 sq ft) building is being built by Roko Construction Company Limited , at

28-523: A profit . It can also refer to a bank or a division of a larger bank that deals with corporations or large or middle-sized businesses, to differentiate from retail banks and investment banks . Commercial banks include private sector banks and public sector banks. However, central banks function differently from commercial banks, despite a common misconception known as the "bank analogy". Unlike commercial banks, central banks are not primarily focused on generating profits and cannot become insolvent in

42-452: A cost of USh28.4 billion (approx. US$ 7.6 million). Completion is expected in September 2019. The agency was created in 1997 by an Act of Parliament. This followed the liberalization and privatization policies of Uganda's government, which ended its direct provision of goods and services and the adoption the role of supervisor and regulator. The policy-setting, seven-member board of directors

56-413: A downturn in one type of business from spreading risk across the entire industry. Also, foreign insurance companies were instructed to have no more than two non-Ugandans in their top management, with one of the top two being Ugandan. That same regulation also required at least half the members of the board of directors of each insurance company to reside inside Uganda. These measures were aimed at encouraging

70-490: Is a hill and neighborhood in the centre of Kampala , the capital and largest city of Uganda . Nakasero is important to Uganda's economy and politics, as it is home to Kampala's central business district and several government offices, including the Ugandan Parliament Buildings . Nakasero is bordered by Mulago to the north, Makerere to the northwest, Old Kampala to the west, Namirembe and Mengo to

84-408: Is chaired by Isaac Nkote Nabeta. The seven-person Senior Management Team is led by Kaddunabbi Ibrahim Lubega, the chief executive officer , who also sits on the board. In July 2014, IRAU directed every insurer in the country to form separate companies dealing in life business (life policies, annuities, etc.) and general business (liability, automobile, general risk, etc.). The objective was to prevent

98-514: Is one of the most luxurious address in the city and accommodates the most upscale hotels and restaurants in Kampala and the country. The Kampala State House is also located here. The northern and eastern slopes of Nakasero Hill house many of the diplomatic missions to Uganda and the residences of many ambassadors accredited to Uganda. The numerous landmarks in Kampala's central business district, located on Nakasero hill, include but are not limited to

112-430: Is to provide financial services to the general public and business, ensuring economic and social stability and sustainable growth of the economy. In this respect, credit creation is the most significant function of commercial banks. While sanctioning a loan to a customer, they do not provide cash to the borrower. Instead, they open a deposit account from which the borrower can withdraw. In other words, while sanctioning

126-514: The development of local talent and capacity building within the industry. Businesses were given until 1 January 2015 to comply. To create an enabling regulatory environment for sustainable growth of the insurance industry while upholding best practices. A model regulator of a developed and secure insurance industry. Integrity, Innovation and Resilience 00°19′03.5″N 32°34′41.5″E  /  0.317639°N 32.578194°E  / 0.317639; 32.578194 Nakasero Nakasero

140-521: The following: Nearly all commercial banks and the three development banks in Uganda maintain their headquarters and main branches in Nakasero. The following foreign missions maintain their offices on Nakasero Hill. Commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make

154-569: The same way as commercial banks in a fiat currency system. The name bank derives from the Italian word banco 'desk/bench', used during the Italian Renaissance era by Florentine bankers, who used to carry out their transactions on a desk covered by a green tablecloth. However, traces of banking activity can be found even in ancient times. In the United States, the term commercial bank

SECTION 10

#1732868908936

168-443: The southwest, Nsambya to the south, Kibuli to the southeast, and Kololo to the east. The coordinates of Nakasero Hill are 0°19'24.0"N, 32°34'44.0"E (Latitude:0.323334; Longitude:32.578890). Nakasero Hill rises 1,228 metres (4,029 ft) above mean sea level . Nakasero Hill is the location of the central business district of Kampala, whose nighttime population was estimated at 1,680,600 as of July 2020. The lower reaches of

182-566: The western and southern slopes of the hill accommodate the ordinary business and commercial activities of the city (taxi parks, train station, shopping arcades, banks, and restaurants). Towards the top of the hill, there are government buildings including the Uganda Parliament Buildings , several government ministries and the Kampala Capital City Authority Building Complex. The top of Nakasero Hill

196-613: Was often used to distinguish it from an investment bank due to differences in bank regulation. After the Great Depression , through the Glass–Steagall Act , the U.S. Congress required that commercial banks only engage in banking activities, whereas investment banks were limited to capital market activities. This separation was mostly repealed in 1999 by the Gramm–Leach–Bliley Act . The general role of commercial banks

#935064