What is Islamic banking? it is a banking system based on the principles of Islamic or Sharia law. It is underpinned in application by concepts derived from the Quran and the writings of Islamic scholars. These concepts revolve around the value of a sound currency and fairness in transactional dealings, the latter being structured within the bounds of Sharia law. Parties to any transaction in this banking system are obliged to conduct their business affairs, with a focus on what is permissible and lawful under Sharia law. The Genesis of Uganda's ambition of establishing Islamic Banking springs back in the early 1990s when Dr Suleiman Kiggundu and other prominent Muslims wanted to establish a conglomerate the 1st Islamic Bank of Africa (FIBA) which failed to get license to operate in Uganda due to the absence of the enabling laws that could accommodate Islamic banking in Uganda. After failing to form the Islamic Bank, they established Greenland Bank a traditional commercial bank which was later closed in 1998, Over the years this ambition has been under deliberation as it was also discussed in 2008 during the organization of the Islamic Conference (O.I.C) business forum that was hosted by Uganda. It was during this forum that the president of the Abu Dhabi Investment Firm subsidiary International Investment House (IIH), unveiled their proposed merger with the National Bank of Commerce Uganda to transform it into the National Islamic Bank of Uganda (NIBU). It was also suggested that Islamic Chambers of Commerce and Industry (CCI) for global Islamic Companies be set up to ease exploration of Investment opportunities with the aim of enhancing the financing of Islamic banking projects in member states or countries and Uganda in particular. The Central Bank, Bank of Uganda has proposed to have the first Islamic bank and Islamic banking windows for existing conventional banks. The question we have today for my readers is whether Uganda secular state has made thorough and enough preparations for Islamic banking, the magic question therefore is whether Uganda being a secular state ready to welcome and accommodate this new and yet important jurisprudential Islamic banking discourse.