Salaam Bank Uganda Overview and Services

Salaam Bank Uganda is a unique financial institution that offers a range of services to its customers. Salaam Bank Uganda is a microfinance bank.

The bank was founded in 2002, with the goal of providing financial services to low-income individuals and small businesses in Uganda. It has since grown to become one of the largest microfinance banks in the country.

Salaam Bank Uganda offers a variety of services, including savings accounts, loans, and money transfer services. These services are designed to meet the needs of its customers, who are often underserved by traditional banks.

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Salaam Bank Uganda was founded and registered on June 14, 2012.

The institution was initially licensed as Tier II Credit Institution under the name Top Finance Bank by the Bank of Uganda on September 8, 2014.

In 2022, Salaam African Bank acquired Top Finance Bank at an undisclosed price, expanding its reach into Uganda.

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Salaam Bank Uganda's headquarters and main branch are situated on the 4th Floor of Rwenzori Courts, which is located on Plot 2 - 4A, Nakasero Road in Kampala, Uganda.

This location is within the Central Division of the capital city, making it easily accessible for customers and visitors.

Salaam Bank Uganda is one of the banks established in 2012, marking its entry into the Ugandan banking scene.

Here are some key facts about Salaam Bank Uganda's location:

President Museveni launched Uganda's first Islamic banking institution, Salaam Bank, in a significant milestone for the country's financial sector.

The bank, licensed by the Central Bank of Uganda, offers Shariah-compliant financial solutions to individuals, businesses, and governments.

Salaam Bank Uganda commenced its operations in September, marking a significant milestone as the country's first Islamic financial institution.

The national launch of the bank was presided over by President Museveni on March 27, 2024, and was attended by thousands of Ugandans.

President Museveni welcomed the bank to Uganda, highlighting the country's large market with a population of 48 million, which is expected to reach 106 million in the next 27 years.

The President assured Salaam Bank of support to smoothly run their operations in the country, demonstrating his commitment to promoting financial inclusion.

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Top Finance Bank has a relatively short history, founded on June 14, 2012, and registered as a credit institution.

The institution was licensed by the Bank of Uganda on September 8, 2014, as a Tier II Credit Institution under the name Top Finance Bank.

In August 2022, the bank was acquired by Salaam African Bank (SAB), a commercial bank based in Djibouti, at an undisclosed price.

SAB also maintains subsidiaries in Kenya and has a representative office in Ethiopia.

Salaam Bank Uganda has a wide range of services that cater to its customers' needs.

The bank offers a variety of deposit accounts, including Savings Accounts, Current Accounts, and Fixed Deposit Accounts.

You can open a Savings Account with a minimum deposit of 10,000 Shillings.

The bank also has a robust mobile banking platform that allows customers to access their accounts and perform transactions remotely.

Salaam Bank Uganda has a network of over 30 branches across the country, making it easily accessible to its customers.

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Salaam Bank Uganda has been named the Best New Islamic Bank in 2023 at the IFN Global Awards 2024.

This prestigious recognition was given in recognition of the bank's dedication to offering innovative and customer-focused Shariah-compliant financial solutions.

Salaam Bank Uganda's Board Chairman, Mr. Ibrahim M. Abdirahman, and Chief Executive Officer, Mr. Michael Mande, accepted the awards on behalf of the institution.

The IFN Awards are regarded as one of the most prestigious acknowledgments in the global Islamic finance industry.

Winning such an award underlines Salaam Bank Uganda's robust entry into the Ugandan market and its commitment to promoting financial inclusion through providing Shariah-compliant financial solutions.

Salaam Bank Uganda commenced its operations in September of the previous year, marking a significant milestone as the country's first Islamic financial institution, following its licensing by the Central Bank of Uganda.

The national launch of the bank was presided over by President Yoweri Museveni on March 27, 2024, and was attended by thousands of Ugandans.

The bank's dedication to ethical Islamic finance is evident in its commitment to lead with integrity, empower through transparency, and uplift communities through impactful initiatives.