Islamic banking gets traction in Africa as Salaam Bank feted

Salaam Bank Uganda Board chairman Ibrahim Abdirahman and CE0 Michael Mande during IFN Global Awards 2024. [Courtesy]

Islamic banking is gaining ground in Africa, with many more countries adopting it.

This emerged during a global awards ceremony in Dubai, the United Arab Emirates, on Thursday, April 25, where Salaam Bank Uganda was feted.

Salaam, the first Islamic bank in Uganda, emerged as the Best New Islamic Bank during the Islamic Finance News (IFN) Global Awards 2024.

The ceremony recognised the achievements of financial service providers across various markets and sectors within the Islamic finance industry. 

Padma Bank was the runner-up in the Best New Islamic Bank category, while Emirates Islamic emerged as the Most Innovative Islamic Bank, with Al Rajhi as the runner-up.

HSBC, the London headquartered financial services giant, was the top winner in the Best Islamic Trustee category, followed by Maybank.

Expressing gratitude for the award, Salaam Bank Uganda’s Board chairman Ibrahim Abdirahman, who was accompanied by Chief Executive Officer Michael Mande, said the bank was dedicated to providing innovative and customer-centric Shariah-compliant financial solutions.

He said the bank was committed to innovation so as to revolutionise the banking sector in Uganda and beyond.

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

Salaam Bank Uganda’s recognition was a testament to its strong foothold in the Ugandan market, said Abdirahman.

The bank, a subsidiary of Djibouti-based Salaam Group, launched its operations in September last year after it was licensed by the Central Bank of Uganda.

The bank offers Shariah-compliant services such as savings accounts, home finance, asset finance, personal finance and business finance.

President Yoweri Museveni launched the bank on March 27, in a ceremony attended by thousands of Ugandans.

Mr Mande celebrated the award as reflecting the collective dedication and unwavering commitment of Salaam Bank Uganda’s leadership and staff.

The CEO said the bank would continue to offer tailored Shariah-compliant solutions to meet the needs and aspirations of the communities it serves.