KAMPALA – Salaam Bank Uganda, a provider of Shariah-compliant financial services, has been named the Best New Islamic Bank in 2023 at the prestigious Islamic Finance News (IFN) Global Awards 2024.
This coveted 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.
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.
Winners were announced and crowned at the Global awards ceremony at Address Sky View Hotel in Dubai on Thursday, April 25.
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, adding;-
“As a bank, we are committed to revolutionizing the banking market in Uganda and beyond.
The sky is the limit.”
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 commitment to providing excellent services to its customers. The award also acknowledges the bank’s 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, offering a range of Shariah-compliant products and services including savings accounts, home finance, asset finance, personal finance, and business finance.
President Yoweri Museveni, on March 27, 2024, presided over the national launch of the Bank, which was attended by thousands of Ugandans.
The bank’s commitment to innovation and customer service has enabled it to establish a strong presence in the Ugandan banking industry and build a loyal customer base.
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 Salaam Bank Limited, Uganda.
“From our esteemed leadership to our diligent staff, each member has contributed their expertise, diligence, and ethical conduct to propel us towards this pinnacle of achievement,” he said.
“Our journey began with a vision to redefine banking in Uganda, to serve our community with distinction and purpose. Today, as we receive this esteemed award, we stand emboldened by the recognition of our peers and fortified in our resolve to continue innovating, evolving, and enriching the lives of those we serve,” he said.
Mr. Mande reiterated that Salaam Bank Limited Uganda is committed to standing as a beacon of Shariah-compliant financial solutions, tailored to meet the needs and aspirations of the communities they serve while upholding the principles of Islamic finance.
“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.
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