The Salaam Bank (SB) is a bank headquartered in
Mogadishu
Mogadishu (, also ; so, Muqdisho or ; ar, مقديشو ; it, Mogadiscio ), locally known as Xamar or Hamar, is the capital and most populous city of Somalia. The city has served as an important port connecting traders across the Indian Oc ...
, the capital and most populous city of Somalia.
Benadir region in South
Somalia
Somalia, , Osmanya script: 𐒈𐒝𐒑𐒛𐒐𐒘𐒕𐒖; ar, الصومال, aṣ-Ṣūmāl officially the Federal Republic of SomaliaThe ''Federal Republic of Somalia'' is the country's name per Article 1 of thProvisional Constituti ...
.
Overview
Salaam Bank was established in February 2011.
As a financial institution, the bank provides personal banking and corporate banking. Its
Islamic banking services and facilities include
Mudarabah
Profit and Loss Sharing (also called PLS or participatory banking) refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Musli ...
,
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
Profit and Loss Sharing (also called PLS or participatory banking) refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Musli ...
and
Istisna'a. Additionally, the bank offers
electronic banking,
SMS banking
Short Message/Messaging Service, commonly abbreviated as SMS, is a text messaging service component of most telephone, Internet and mobile device systems. It uses standardized communication protocols that let mobile devices exchange short text ...
,
mobile banking
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses ...
and internet debit.
In August 2011, the bank also launched an independent (Kaaftoon) service partnering the institution with
Golis Telecom Somalia
Golis Telecom Somalia ( so, Shirkadda Isgaadhsiinta ee Golis Soomaaliya), shortened to Golis, is the largest telecommunications operator in the Puntland state of northeastern Somalia. It was founded in 2002 with the objective of supplying the cou ...
.
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 POS locations, and access their accounts online and through mobile devices.
The institution's corporate banking services include current accounts,
fund transfers,
Letters of Credit
A letter of credit (LC), also known as a documentary credit or bankers commercial credit, or letter of undertaking (LoU), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exp ...
, 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
bond
Bond or bonds may refer to:
Common meanings
* Bond (finance), a type of debt security
* Bail bond, a commercial third-party guarantor of surety bonds in the United States
* Chemical bond, the attraction of atoms, ions or molecules to form chemica ...
s, performance bonds, payment guarantees, and shipping guarantees.
See also
*
First Somali Bank
The First Somali Bank (FSB) is a bank headquartered in Mogadishu, Somalia.
Overview
FSB was established in May 2012 by Liban Abdi Egal. It is the first commercial bank to open in southern Somalia since 1991.
An Islamic financial institution, th ...
*
International Bank of Somalia
Notes
External links
*{{Official website
Economy of Somalia
Companies of Somalia
Banks of Somalia
Bosaso
2011 establishments in Somalia
Banks established in 2011