The Dara-Salaam Bank (DSB) is a bank headquartered in
Hargeisa, the capital of
Somaliland
Somaliland,; ar, صوماليلاند ', ' officially the Republic of Somaliland,, ar, جمهورية صوماليلاند, link=no ''Jumhūrīyat Ṣūmālīlānd'' is a ''de facto'' sovereign state in the Horn of Africa, still conside ...
.
A Muslim financial institution, the bank provides personal banking and corporate banking. Its
Islamic banking
Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economic ...
services and facilities include
Mudarabah,
Murabaha
''Murabaḥah'', ''murabaḥa'', or ''murâbaḥah'' ( ar, مرابحة, derived from ''ribh'' ar, ربح, meaning profit) was originally a term of ''fiqh'' (Islamic jurisprudence) for a sales contract where the buyer and seller agree on the m ...
,
Musharakah and
Istisna'a
Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economi ...
. Additionally, the bank offers
electronic banking
Online banking, also known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial insti ...
,
SMS banking,
mobile banking and internet banking.
History
Dara-Salaam Bank was established in March 2010.
[Bank, About us](_blank)
Accessed 08 October 2016
In September 2010, the bank launched an independent (Kaafi) service, partnering with parent company
Telesom
Telesom is a private telecommunication company established in 2002 by local entrepreneurs in Hargeisa, Somaliland. It is the leading provider of ICT services in the country and offers a wide range of products including voice and mobile broadband ...
.
Services
Salaam Bank's personal banking services include current accounts and savings accounts. The current accounts permit clients to pay for utilities through online, mobile, and direct debit orders, receive and wire international transfers, make payments via checks, use the Salaam Debit Card for purchases/withdrawals at
ATM and
EFTPOS locations, and access their accounts online and through mobile devices.
The institution's corporate banking services include current accounts,
fund transfers Fund may refer to:
* Funding is the act of providing resources, usually in form of money, or other values such as effort or time, for a project, a person, a business, or any other private or public institution
** The process of soliciting and gathe ...
,
Letters of Credit, and
Letters of Guarantee. The current accounts are reserved for entities with valid commercial/industrial registration. Wire fund transfers can be made from the client's account to any other global bank account. Letters of Credit are aimed at reducing counterpart risk and can be fully or partially covered by the client. Letters of Guarantee are intended to safeguard against contractual risk and can be domestic or foreign.
Additionally, the bank provides other common types of guarantees. Among these are tender/bid
bonds, performance bonds, payment guarantees, and shipping guarantees.
See also
*
First Somali Bank
*
International Bank of Somalia
The (IBS) ( so, Bangiga caalamiga ah ee IBS Bank) is an IBS Bank headquartered in Mogadishu, Somalia.
Overview
IBS Bank began operations on 11 October 2014 in Mogadishu. Its opening ceremony was attended by President Hassan Sheikh Mohamud, alon ...
*
Salaam Bank
The Salaam Bank (SB) is a bank headquartered in Mogadishu, the capital and most populous city of Somalia. Benadir region in South Somalia.
Overview
Salaam Bank was established in February 2011.
As a financial institution, the bank provides pers ...
Notes
{{reflist
Economy of Somaliland
Companies based in Hargeisa
Banks of Somaliland
2010 establishments in Somaliland
Banks established in 2010