Salaam Bank Uganda named best new Islamic banker at IFN Global awards

Salaam Bank Uganda has been named the Best New Islamic Bank in 2023 at the esteemed Islamic Finance News (IFN) Global Awards 2024. This accolade was given in recognition of the bank’s dedication to offering innovative and customer-focused Shariah-compliant financial solutions. It also acknowledges the bank’s substantial contributions to the advancement of the Islamic finance sector in Uganda, according to officials.

The award ceremony took place on the evening of Thursday, April 25, in Dubai.

The event saw other notable winners including Standard Chartered Bank, which secured the best Islamic Investment category, HSBC, winner of the best trustee category, and the Saudi Central Bank, recognized for its efforts in promoting Islamic Finance.

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. Mr. Abdirahman expressed his gratitude for the recognition and thanked all those who supported the bank in the IFN poll. He highlighted the impact that the bank has already had since entering the Ugandan market.

“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 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 to individuals, businesses, governments, and corporations within Uganda.

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.

During the launch ceremony, Mr. Mande, the CEO, reflected on the recognition as a testament to the collective dedication and steadfast commitment of the bank’s team. He emphasized the bank’s adherence to the principles of ethical Islamic finance.

Mr. Mande also remarked, “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.”

Salaam Bank Uganda, a subsidiary of the Djibouti-based Salaam Group, has made significant strides in offering Shariah-compliant financial products to Uganda’s significant Muslim population.