Salaam Bank wins global award

Six months after it started its operations in Uganda, Salaam Bank Uganda, was crowned as the Best New Islamic Bank in 2023 at the 2024 Islamic Finance News (IFN) Global Awards that were held in Dubai, United Arab Emirates, last week.
Salaam Bank Ltd, a subsidiary of Djibouti-based Salaam Group, was the first bank to receive an Islamic Banking licence from the Bank of Uganda (BOU) in September last year and started offering the service.

The bank, which was officially launched by President Museveni on March 27, offers Islamic banking which, unlike its conventional counterparts, prohibits paying or receiving of interest also known as Riba, but rather it is based on profit sharing. Islamic banks focus on generating returns on investments through investment tools that are “Sharia” compliant.

Salaam Bank Uganda’s chief executive officer, Mr Michael Mande, while receiving the accolade, said winning this award highlights their strong entry into the Ugandan market and its impact in providing Shariah-compliant financial solutions.
“As we celebrate this important recognition, let us be mindful of the responsibility entrusted upon us – the responsibility to lead with integrity, to empower through transparency, and to uplift our communities through impactful initiatives,” he said.

Relatedly, the bank’s Board Chairman, Mr Ibrahim M Abdirahman, said the institution is committed to providing the best Islamic banking products and services across their areas of operation.
“On behalf of the Salaam Group, board of directors, management, and staff of Salaam Bank Uganda, I hereby collectively salute the IFN for a job well done. We are humbled,” he said.

Other banks recognised during these awards include Standard Chartered Bank, which won the best Islamic Investment category and Saudi Central Bank, which won the category of the best Central bank in promoting Islamic Finance.
The IFN Awards are recognised as one of the most prestigious awards in the global Islamic finance industry.