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]
| Company type | Private: Subsidiary of Salaam African Bank of Djibouti |
|---|---|
| Founded | 2012 |
| Headquarters | Head Office, 4th Floor, Rwenzori Courts Plot 2 - 4A Nakasero Road Kampala, Uganda |
Key people | Michael Mande Chief Executive Officer |
| Website | Homepage |
Location
editThe 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
editIn 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
editFrom 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
editThe headquarters and main branch network of Salam Bank Uganda are located at:
- Head Office, 4th Floor, Rwenzori Courts, Plot 2 - 4A Nakasero Road, Kampala, Uganda. Main Branch[3]
Governance and management
editAs 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
edit
References
edit- ^ 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.
- ^ Uganda Radio Network (9 September 2023). "Salaam bank issued first Islamic banking license in Uganda". The Observer (Uganda). Kampala, Uganda. Retrieved 5 February 2024.
- ^ a b Salaam Bank Uganda (6 March 2024). "Contact Us". Salaam Bank Uganda. Kampala, Uganda. Retrieved 6 March 2024.
- ^ 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.
- ^ 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.
- ^ Martin Luther Oketch (10 August 2022). "Djibouti-based bank acquires Top Finance". Daily Monitor. Kampala, Uganda. Retrieved 5 February 2024.
- ^ 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.
- ^ 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.
External links
edit- Website of Salaam Bank Uganda
- Uganda: Top Finance Bank Uganda Acquired By Djibouti's SAB As of 9 August 2022.