Salaam Bank Limited, formerly known as Top Finance Bank Limited, is now a subsidiary of Salaam African Bank of Djibouti. It received its license on September 8th, 2023, from the Bank of Uganda to provide banking services in Uganda.
The bank’s primary objective is to offer financial services that adhere to Islamic principles, such as providing loans that do not involve interest but instead share profits after investment.
During the inauguration ceremony held at Kololo ceremonial grounds, President Yoweri Kaguta Museveni expressed concern that many Muslims haven’t fully embraced government initiatives like the Parish Development Model (PDM) due to their concerns about Riba, which refers to exploitative gains or profits made in trade.
To address this issue, President Museveni announced his intention to meet with leaders of the Muslim community in Uganda to seek a resolution. He stated, “I want to meet these sheikhs and have discussions with them, so they can explain to me the concept of Riba.”
Ibrahim Abdirahman, the Chairman of the Bank’s board, emphasized that the institution will operate according to Sharia law. He believes that through this approach, the government can access capital for infrastructure developmen
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