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Salaam Bank Uganda

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Salaam Bank Uganda
Company typePrivate: Subsidiary of Salaam African Bank of Djibouti
Founded2012; 12 years ago (2012)
HeadquartersHead Office, 4th Floor, Rwenzori Courts
Plot 2 - 4A Nakasero Road
Kampala, Uganda
Key people
Michael Mande
Chief Executive Officer
WebsiteHomepage

Salaam Bank Uganda, formerly Top Finance Bank Limited (TFBL), is a commercial bank in Uganda. The institution received an Islamic commercial banking license, on 8 September 2023. The license was personally handed over by the Acting Governor of the Bank of Uganda, Dr Michael Ating-Ego. It is the first commercial bank in the country authorized to operate according to Islamic Shari'ah law.[1][2]

Location

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The headquarters and main branch of Salaam Bank Uganda are located on the 4th Floor, Rwenzori Courts, Plot 2 - 4A, Nakasero Road, Kampala, Uganda. This is within the Central Division of the capital city.[3]

History

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In 2012, the institution was founded and registered on 14 June 2012. It was licensed on 8 September 2014 by the Bank of Uganda, as Tier II Credit Institution under the name Top Finance Bank.[4] In August 2022 Salaam African Bank (SAB), a commercial bank based in Djibouti, acquired Top Finance Bank at an undisclosed price. SAB also maintains subsidiaries in Kenya and maintains a representative office in Ethiopia.[4]

Ownership

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From inception in 2012, the institution was privately owned by the founders, who trace ancestry to China.[5] As of August 2022, Salaam Bank Uganda is a 100 percent subsidiary of Salaam African Bank, of Djibouti.[6][7]

Branch network

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The headquarters and main branch network of Salam Bank Uganda are located at:

  1. Head Office, 4th Floor, Rwenzori Courts, Plot 2 - 4A Nakasero Road, Kampala, Uganda. Main Branch[3]

Governance and management

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As of February 2024, Michael Mande, a technology professional, enthusiast and career banker, serves as the Managing Director and Chief Executive Officer. He leads a team of senior managers, responsible for the day-to-day management of the institution's affairs.[8]

See also

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References

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  1. ^ CEOMU (11 September 2023). "Salaam Bank, Formerly Top Finance Bank Gets Uganda's First Islamic Banking License". CEO Magazine Uganda (CEOMU). Kampala, Uganda. Retrieved 5 February 2024.
  2. ^ Uganda Radio Network (9 September 2023). "Salaam bank issued first Islamic banking license in Uganda". The Observer (Uganda). Kampala, Uganda. Retrieved 5 February 2024.
  3. ^ a b Salaam Bank Uganda (6 March 2024). "Contact Us". Salaam Bank Uganda. Kampala, Uganda. Retrieved 6 March 2024.
  4. ^ a b Samuel Muhimba (9 August 2022). "Top Finance Bank Uganda acquired by Djibouti's SAB". Nile Post Uganda. Kampala, Uganda. Retrieved 5 February 2024.
  5. ^ Samuel Nabwiiso (18 June 2018). "Uganda: Chinese Finance Group Eyes Uganda Trade". East African Business Week via AllAfrica.com. Kampala, Uganda. Retrieved 5 February 2024.
  6. ^ Martin Luther Oketch (10 August 2022). "Djibouti-based bank acquires Top Finance". Daily Monitor. Kampala, Uganda. Retrieved 5 February 2024.
  7. ^ Patricia Amito Lutwama (11 October 2023). "Salaam Bank Is A Useful Addition To The Banking Industry In Uganda". New Vision. Kampala, Uganda. Retrieved 6 March 2024.
  8. ^ Samuel Muhimba (11 September 2023). "Ugandans urged to fully utilise Islamic banking as Salaam Bank secures BoU licence". Nile Post Uganda. Kampala. Retrieved 5 February 2024.
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00°18′59.1″N 32°34′47.8″E / 0.316417°N 32.579944°E / 0.316417; 32.579944

Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Salaam_Bank_Uganda
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