Salaam Somali Bank, often abbreviated to SSB, is a Somali commercial bank. It is headquartered in

Mogadishu Mogadishu (, also ; so, Muqdisho or ; ar, مقديشو ; it, Mogadiscio ), locally known as Xamar or Hamar, is the capital and List of cities in Somalia by population, most populous city of Somalia. The city has served as an important port ...

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 ...

. SSB is one of the largest privately owned banks in the country. It was founded in 2009 and was the first Somalia bank to introduce new banking services to the country, such as

SWIFT Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT, ...

History

Salaam Somali Bank was established in October 2009. It was the first bank to operate in

since 1991, and was founded to provide trusted banking services to Somali businesses and communities, as well as reconstruct the country’s banking system to facilitate economic development and growth. Salaam Somali Bank herein SSB, is a fully fledged Islamic bank which targets both consumers and businesses. The bank offers personal banking, commercial banking, and non-profit banking. Additionally, the bank offers

online 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 inst ...

, which was first introduced in the country in 2010 via its DEEQTOON service. The digital platform was created using

Hormuud Telecom Hormuud Telecom Somalia Inc. is a privately held telecommunications company based in Mogadishu, Somalia. It is the largest telecommunication company and largest private-sector employer in the country, and also Somalia's first private enterprise t ...

's technology to allow for mobile banking to be available for the first time in Somalia history. Mobile deposits, withdrawals,

bank transfer Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash ...

s and balance checks all became available services in the country. Its DEEQTOON service received an update a year later in 2011, which allowed for accounts to transfer money and make digital purchases.

was introduced shortly afterwards, which allowed for quick and secure international transfers. It also offers

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

debit card A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but u ...

s. Hormuud Salaam Foundation was launched in 2009, the only bank at the time in Somalia to have an independent charitable arm. Salaam Somali Bank launched its monthly micro-finance programme in 2011. The programme is completely free, and by 2021 the program supported 6,306 whereby 59% men and 41% women with $7.5 million. It has been rolled out across Salaam Somali Bank’s premises across the country in peri-rural and urban areas. In 2014, the institution also began providing

automatic teller machine An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fund ...

(ATM) services in

. At their launch the devices were billed as the first of their kind in Somalia. The Somali banking sector has experienced exponential growth in the last decade, which has led to 13 licensed commercial banks in the country, including SSB. Collectively they have US$1,462.5 million in total assets. Salaam Somali Bank’s financing arm has been active in rebuilding Somalia through strategic infrastructure investments. It was the sole financier of Daaru Salaam City, a green, luxury neighbourhood in

. The project consists of 2000 homes, with the capacity of housing 12,000 people. The city boasts a complete set of amenities: ease of accessibility, a local market, health centres and schools. In 2023, SSB launched a

livestock Livestock are the domesticated animals raised in an agricultural setting to provide labor and produce diversified products for consumption such as meat, eggs, milk, fur, leather, and wool. The term is sometimes used to refer solely to animals ...

insurance initiative to support pastoralists through the drought. Working in partnership with

The World Bank The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Grou ...

and ZEP-RE, the insurance is part of a wider programme to decrease pastoralists’ reliance on aid and improve access to financial services. This includes promoting

savings account A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transac ...

s and a 90% subsidised livestock insurance, which will assist pastoralists with forage when there is no grass to graze.

Leadership and Governance

SSB is led by its board of directors and the managing director, Shuayb Haji Nur Mohamed.

Operations

Salaam Somali Bank opened its first branch in Hamarweyne and Bakaaro and later opened other branches in Mogadishu. It has 50 branches across the country of Somalia, with 20 branches in the country's capital. SSB offers fully Shariah compliant trade and investment finance, from a micro to corporate level. It’s trade finance focuses on fixed income investments, commodities, and equities. Salaam Somali Bank provides financial services to small, medium sized and large businesses, as well as

NGO A non-governmental organization (NGO) or non-governmental organisation (see spelling differences) is an organization that generally is formed independent from government. They are typically nonprofit entities, and many of them are active in h ...

s. It has more from sole proprietors through to incorporated companies.

Services

Salaam Somali Bank's personal banking services include current accounts (personal and business), as well as savings accounts (Dalmar savings accounts for the diaspora, Hajj-Umra account, and students savings account). A payroll system allows for electronic payments service for employees, vendors and any Somali financial institution, that allows users to make daily/weekly/ monthly payments, with enhanced security. Customers can move funds in U.S. dollars; manage payments ;and get remittance notifications by SMS and email to recipients. It’s Islamic Financing products facilitates Mudharabah, Murabahah and Musharakah. The institution's commercial banking services include business current accounts, Bank Guarantees and Letters of Credit. The bank also offers trade finance, which is the largest of the bank’s wholesale revenues and takes place through fixed-income investments, commodities, and equities. The bank utilises

for its international transfers, allowing for the flow of money in and out of

. Its non-profit banking services include a Trust Account for non-governmental organizations, associations, societies and trusts. The bank also launched a

microfinance Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings ...

product (Kalkaal) for small businesses and professionals. Additionally, it offers anti-money laundering protection. SSB offers a range of Islamic financing options to personal and business customers. This is including equity-based finance services, Musharakah and Mudarabah, asset-based finance services, Murabaha and Istisna, as well as Ijaarah (leasing) and Qardul Hassan (free loan-based finance).

Hormuud Salam Foundation

Hormuud Salam Foundation (HSF) is a

non-profit A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...

foundation that is fully funded by

and Salaam Somali Bank, created to improve the everyday lives of Somalis. It’s services span education, healthcare, technical and employment skills training. Throughout the

Covid-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...

, SSB made numerous donations to the Somali healthcare system to help treat and slow the spread of the virus. Severe shortages in

of oxygen during the

covid-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...

led to SSB partly funding the country's first public oxygen plant. In 2021, HSF supported the effort to help raise $4 million for the Somalia Action Network Covid-19 relief fund, in partnership with the Somali

Chamber of Commerce A chamber of commerce, or board of trade, is a form of business network. For example, a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to ad ...

. HSF funds a range of philanthropic relief and development projects, and directly responds to

humanitarian crisis A humanitarian crisis (or sometimes humanitarian disaster) is defined as a singular event or a series of events that are threatening in terms of health, safety or well-being of a community or large group of people. It may be an internal or extern ...

across Somalia. Since 2022, it has provided regular cash-aid to alleviate the impact of the

drought A drought is defined as drier than normal conditions.Douville, H., K. Raghavan, J. Renwick, R.P. Allan, P.A. Arias, M. Barlow, R. Cerezo-Mota, A. Cherchi, T.Y. Gan, J. Gergis, D. Jiang, A. Khan, W. Pokam Mba, D. Rosenfeld, J. Tierney, an ...

on communities. In May 2023, it was one of the first to respond to the catastrophic floods that displaced a quarter of a million Somalis. The NGO also offers social development services and provides training programmes to Somali communities. Programmes are aimed at increasing individuals’ ability to access employment opportunities and education.

Regulations

The bank has been some of the first to adopt international regulatory standards in

. Including the ISO Certified 9001:2015 in 2022 and Somali Central Bank standard in 2009.

Notes

{{Reflist, 2 Banks of Somalia Companies based in Mogadishu 2009 establishments in Somalia Banks established in 2009