Yesterday 27th March 2024, the President of Uganda H.E Yoweri Kaguta Museveni launched the first ever Islamic Bank in Uganda called Salaam Bank which will be operating according to the Islamic financial principles.
In an event that was attended by different muslim leaders and thousands of believers in the Islamic faith, the President encouraged them to engage in income generating activities if they are to fight poverty.
The President further said that ” Islamic banking has the potential to make a significant contribution to the development of Uganda’s financial sector by bringing more Muslims to the money economy.”
This Bank has been operating under the name of Top Finance Bank since 2014, though in 2022, Salaam African Bank which is based in Djibouti bought it on an amount that was not disclosed to the public.
Salaam Bank officially received it’s license to operate in Uganda on 8th September 2023 and it was handed over to them by Dr. Dr Michael Ating-Ego the acting Governor of The Bank Of Uganda.
It is a privately owned institution and its owners trace their ancestry from China. It has branches in Kenya and Ethiopia.
Here in Uganda the Head Office, is on the 4th Floor, Rwenzori Courts, Plot 2 – 4A Nakasero Road, Kampala, headed by Micheal Mande as the Chief Executive Officer who is a career banker but a professional in technology.
