Salaam Somali Bank

Salaam Somali Bank, often abbreviated to SSB, is a Somali commercial bank. It is headquartered in Mogadishu, Somalia. SSB is one of the largest privately owned banks in the country.[1]

It was founded in 2009 and was the first Somalia bank to introduce new banking services to the country, such as SWIFT.

History

Salaam Somali Bank was established in October 2009.[2] It was the first bank to operate in Somalia 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.[3]

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.[3]

Operations

Salaam Somali Bank opened its first branch in Hamarweyne and Bakaaro and later opened other branches in Mogadishu.[13] It has 50 branches across the country of Somalia, with 20 branches in the country's capital.[14] SSB offers fully Shariah compliant trade and investment finance, from a micro to corporate level. Its trade finance focuses on fixed income investments, commodities, and equities.[15]

Salaam Somali Bank provides financial services to small, medium-sized and large businesses, as well as NGOs. It has more from sole proprietors through to incorporated companies.[16]

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).[17]

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.[14] Its Islamic Financing products facilitates Mudharabah, Murabahah and Musharakah.

The institution's commercial banking services include business current accounts, Bank Guarantees and Letters of Credit.[18]

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 SWIFT for its international transfers, allowing for the flow of money in and out of Somalia. Its non-profit banking services include a Trust Account for non-governmental organizations, associations, societies and trusts.[19]

The bank also launched a microfinance product (Kalkaal) for small businesses and professionals.[20] Additionally, it offers anti-money laundering protection.[3]

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).[21]

trade name	Salaam Bank
type	Commercial bank
traded as	Islamic banking services provider
foundation	2009
hq location city	Mogadishu
hq location country	Somalia
industry	Banking, finance
products	Financial services
services	Retail Financial Services mobile banking Card Services Islamic Banking
homepage	www.salaambank.so

History

Leadership and Governance

Operations

Services

Hormuud Salam Foundation

Regulations

References