Summary:

• Salaam Bank Uganda clinches the title of Best New Islamic Bank in 2023 at the IFN Global Awards 2024, recognizing its commitment to innovative, Shariah-compliant financial solutions.

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Salaam Bank Uganda has been crowned the Best New Islamic Bank of 2023 at the prestigious Islamic Finance News (IFN) Global Awards 2024. This esteemed accolade celebrates the bank’s unwavering commitment to delivering cutting-edge, customer-centric Shariah-compliant financial solutions, while also recognizing its pivotal role in advancing Uganda’s Islamic finance sector, according to officials.

The glittering award ceremony unfolded on the evening of Thursday, April 25, amidst the dazzling backdrop of Dubai.

Joining Salaam Bank Uganda in the winner’s circle were renowned institutions such as Standard Chartered Bank, clinching the coveted title in the Islamic Investment category, HSBC, hailed as the best trustee, and the Saudi Central Bank, lauded for its proactive stance in promoting Islamic Finance.

Graciously accepting the accolades on behalf of Salaam Bank Uganda were its Board Chairman, Mr. Ibrahim M. Abdirahman, and Chief Executive Officer, Mr. Michael Mande. Expressing profound gratitude for the recognition, Mr. Abdirahman extended heartfelt thanks to all supporters who championed the bank in the IFN poll. He underscored the transformative impact Salaam Bank Uganda has already made since its inception in the Ugandan market.

“On behalf of the Salaam Group, Board of Directors, Management, and staff of Salaam Bank Uganda, I extend our collective appreciation to IFN for this remarkable honor. We are deeply humbled and extend our gratitude to all who cast their votes in our favor,” he remarked.

The IFN Awards stand as a pinnacle of excellence within the global Islamic finance realm. Securing such a prestigious accolade underscores Salaam Bank Uganda’s resolute foray into Uganda’s financial landscape and its steadfast dedication to fostering financial inclusion through the provision of Shariah-compliant solutions to individuals, businesses, governments, and corporations across Uganda.

Salaam Bank Uganda embarked on its journey in September of the preceding year, marking a historic milestone as Uganda’s inaugural Islamic financial institution, following its licensure by the Central Bank of Uganda. The bank’s national debut, graced by President Yoweri Museveni on March 27, 2024, garnered widespread acclaim from thousands of Ugandans in attendance.

Reflecting on the significance of the recognition, CEO Mr. Mande attributed the achievement to the collective zeal and unwavering commitment of the bank’s team. He reaffirmed the institution’s steadfast adherence to the tenets of ethical Islamic finance.

“As we revel in this momentous recognition, let us remain steadfast in our responsibility – a responsibility to lead with integrity, to empower through transparency, and to uplift our communities through impactful endeavors,” Mr. Mande asserted.

Salaam Bank Uganda, a subsidiary of the Djibouti-based Salaam Group, continues to make significant strides in catering to Uganda’s sizable Muslim population with its diverse range of Shariah-compliant financial products.