It was East Africa’s glory moment in Dubai, United Arab Emirates after a Ugandan Bank was feted for its contribution to the Islamic finance industry.
Salaam, the first Islamic bank in Uganda and a provider of Shariah-compliant financial services, was named Best New Islamic Bank in the Islamic Finance News (IFN) Global Awards 2024.
Winners were announced at a Dubai hotel on Thursday. Salaam Bank Uganda Board Chairman Ibrahim Abdirahman and Chief Executive Officer Michael Mande received the award.
In the Best New Islamic Bank category, Padma Bank was runner-up while the Most Innovative Islamic Bank went to Emirates Islamic with Al Rajhi being the runner-up. Under Best Islamic trustee, HSBC emerged top followed by Maybank.
Mr Abdirahman said the award had recognised the bank's commitment to providing innovative and customer-centric Shariah-compliant financial solutions.
He said the bank would relentlessly pursue innovative solutions that will revolutionise the banking sector in Uganda and beyond.
“On behalf of the Salaam Group, board, management and staff of Salaam Bank Uganda, I salute the IFN for a job well done. We thank all those who voted for us in the IFN poll,” he said.
The IFN Awards are recognised 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. The bank is a subsidiary of the Djibouti-based Salaam Group.
Salaam Bank Uganda launched its operations in September last year as the country's first Islamic financial institution, after getting licenced by the Central Bank of Uganda.
It offers 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.
Mr Mande said 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.
He said Salaam Bank 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.
