KAMPALA – Salaam Bank Uganda has been named the Best New Islamic Bank in 2023 at the prestigious Islamic Finance News (IFN) Global Awards 2024.
The global award recognizes the bank’s commitment to providing innovative and customer-centric shariah-compliant financial solutions, as well as its significant contributions to the growth and development of the Islamic finance industry in Uganda, officials said.
Winners were crowned in Dubai on Thursday, April 25 night.
Other winners included — Standard Chartered Bank, who won the best Islamic Investment category, Hsbc, who won the best trustee category and Saudi Central Bank, who won the category of the best Central bank in promoting Islamic Finance.
Salaam Bank Uganda Board Chairman Mr. Ibrahim M. Abdirahman and Chief Executive Officer Mr. Michael Mande picked the accolades on behalf of the bank.
Mr. Abdirahman said the Bank, which has entered the Ugandan market with impact, 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 and thank all those who voted for us in the IFN poll,” he said.
The IFN Awards are widely recognized as one of the most prestigious awards in the global Islamic finance industry, and winning this award highlights Salaam Bank Uganda’s strong entry into the Ugandan market and efforts in promoting financial inclusion and providing Shariah-compliant financial solutions to individuals, businesses, government, and corporations in Uganda.
Salaam Bank Uganda launched its operations in September last year as the country’s first Islamic financial institution, after getting linsenced by the Central Bank of Uganda.
President Yoweri Museveni, on March 27, 2024, presided over the national launch of the Bank, which was attended by thousands of Ugandans.
Mr. Mande, the CEO, said during the ceremony that the recognition is a testament to the collective dedication and unwavering commitment of every individual associated with the bank.
He reiterated the bank’s focus on ethical Islamic finance values.
“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 added.
A subsidiary of the Djibouti-based Salaam Group, the bank has made significant strides in providing Shariah-compliant financial products to Uganda’s population, which constitutes a significant percentage of Muslims.