What Salaam Group does

Salaam Group is a privately-held, multi-sector holding company headquartered in Djibouti, founded in 2008 as a single banking institution and grown into a 26-subsidiary ecosystem across the Horn of Africa and East Africa. The group operates nine Shariah-compliant banking institutions (including Salaam Bank Djibouti, Salaam Bank Uganda, Salaam Microfinance Bank Kenya, Salaam Investment Bank Kenya, Salaam Somali Bank, Dara Salaam Bank Somaliland, Waafi Bank Malaysia, Salaam Bank SPB Puntland, and Agro Africa Bank Somalia), three Takaful insurers (Tamini Insurance Djibouti, Tamini General Insurance Uganda, Takaful Insurance of Africa Kenya), four telecom networks (Hormuud, Telesom, Golis, Somnet), an energy and logistics platform anchored by the $160M Fuelstor terminal (400,000 metric ton capacity) and FoodEx in Damerjog, a 2.4 million sqm real estate development (Salaam City) with 7,000+ homes, and supporting entities in higher education (Hormuud University), philanthropy (Hormuud Salaam Foundation), logistics (Swift Djibouti), and group-level investment (UKAB Group). The portfolio spans Djibouti, Somalia (including Somaliland and Puntland), Uganda, Kenya, and Malaysia.

The group's technology platform is built around Islamic finance infrastructure (interest-free banking, Hajj savings, ethical investments, Takaful cooperative mutual funds) and a set of proprietary digital channels — the Waafi digital wallet and mobile banking app, EVC Plus (offered by Hormuud Telecom for mobile transfers and value-added services), the Buraaq agricultural payments platform, and internet/mobile banking interfaces across the bank brands — supported by 5G, 4G LTE, fiber-to-home/business, and eSIM capabilities across the telecom subsidiaries. Capital-intensive assets include the Fuelstor energy terminal, the 2.4 million sqm Salaam City development with schools, healthcare, mosques, parks, and gated security, and a network of physical bank branches across nine institutions.

Salaam generates revenue through six interlocking streams: interest-free financing income, transaction fees, and diaspora remittance fees across banking; airtime, data, and value-added services across telecom; Takaful premiums (motor, fire, property, marine, home, travel, business, medical, life, micro-Takaful) across three insurers; property sales and rentals plus construction materials; fuel/LPG/edible oil storage, trading, and redistribution through Fuelstor and FoodEx; and digital/fintech transaction fees through the Waafi, EVC Plus, and Buraaq platforms. The customer base spans retail consumers, SMEs, large corporates, diaspora communities sending remittances into the Horn of Africa, and government/corporate clients, distributed through physical branches, digital and mobile channels, telecom retail, and diaspora-banking agents. Pricing is not publicly disclosed; subsidiaries operate quote-based pricing for financing, insurance, and telecom plans.

Name

Salaam Group

Legal name

Salaam Group

Website

https://salaam-group.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Salaam Group is a privately-held, Djibouti-headquartered diversified holding company operating 26 subsidiaries spanning Shariah-compliant banking (9 institutions), Takaful insurance (3), telecommunications (4 networks), energy infrastructure (Fuelstor, FoodEx), and real estate across the Horn of Africa, East Africa, and Malaysia.

Ownership category

akta.pro rank

Product category

Islamic Banking and Financial Services

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940), Corporate, Subsidiary, and Regional Managing Offices (551114), Other Financial Vehicles (525990)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Islamic Corporate Banking (FSABAGAC)

akta.pro secondary industries

Takaful Bancassurance (Islamic Insurance Distribution) (FSABAGAM), Islamic Investment Banking & Capital Markets Services (FSABAGAG), Islamic SME & Commercial Banking (FSABAGAB), Islamic Private Banking & Wealth (FSABAGAD)

Keywords

• Islamic banking services
• Shariah-compliant finance
• Takaful insurance
• Mobile telecommunications
• Diaspora remittances

Headquarters

HQ city

Jibuti

HQ country

Djibouti

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Banking Services Revenue: Interest-free financing income, transaction fees, account maintenance fees, card fees, trade financing fees, mortgage and asset financing income, and diaspora remittance fees across 9 banking institutions
2. Telecommunications Revenue: Airtime and data package sales, SIM card sales, mobile banking transaction fees, internet service fees, and value-added services across 4 telecom networks
3. Insurance Premiums (Takaful): Shariah-compliant Takaful insurance premiums for motor, fire, property, marine, home, travel, business, medical (AFYA), and life coverage across 3 Takaful insurers
4. Real Estate Sales and Rentals: Property sales and rental income from residential and commercial developments including 7,000+ homes in gated communities, construction materials supply, and development projects
5. Energy Trading and Logistics: Fuel, LPG, and edible oil storage, trading, and redistribution services through Fuelstor terminal; edible oil manufacturing and distribution through FoodEx
6. Digital/Fintech Services: Mobile wallet and digital payment platform fees, e-commerce transaction fees, and fintech platform commissions

Go-to-market motion2 records

Distribution channels5 records

Marketing channels3 records

Core offering

Salaam Group is a diversified holding company operating 26 subsidiaries that deliver Shariah-compliant banking, Takaful insurance, mobile telecommunications, real estate development, energy and edible oil logistics, digital financial services, higher education, and philanthropy across the Horn of Africa and East Africa. Core offerings are interest-free commercial and microfinance banking, Islamic asset management and brokerage, Takaful insurance, GSM/4G/5G and fiber telecom services, large-scale residential real estate, and energy terminal storage and distribution services anchored by Fuelstor. Customers served include retail consumers, SMEs, corporates, diaspora communities, and government entities through branches, mobile apps, and telecom retail channels.

Product overview

Salaam Group is a diversified holding company operating a multi-sector ecosystem of 26 subsidiaries across the Horn of Africa. The portfolio is organized into eight core divisions: Banking & Finance (9 Shariah-compliant banking institutions including Salaam Bank, Salaam Bank Uganda, Salaam Microfinance Bank, Salaam Investment Bank, Salaam Somali Bank, Dara Salaam Bank, Waafi Bank, Salaam Bank SPB, and Agro Africa Bank), Real Estate & Development (Salaam Real Estate, Al Buruuj Group, Buruuj Building Materials), Islamic Insurance/Takaful (Tamini Insurance, Tamini General Insurance, Takaful Insurance of Africa), Energy & Infrastructure (Fuelstor terminal, FoodEx edible oil logistics), Telecommunications (Hormuud Telecom, Telesom, Golis Telecom, Somnet Telecom), Education & Foundation (Hormuud University, Hormuud Salaam Foundation), and Technology & Services (Swift Djibouti logistics, Waafi digital wallet, UKAB Group). The group operates across Djibouti, Somalia, Kenya, Uganda, and Malaysia, united by principles of Islamic finance and community development.

Differentiator

Problem solved

Functional benefit

Brands

• Fuelstor: Multi-product energy terminal storing, trading, and redistributing fuel, LPG, and edible oil with 400,000 metric ton capacity.
• FoodEx
• Waafi
• EVC Plus
• Buraaq
• Waafi Mobile Banking App

Products and services

• Salaam Bank (Djibouti) Award-winning Shariah-compliant commercial bank in Djibouti offering mortgage, car loans, business asset financing, and secure e-commerce card solutions for individuals and businesses across East Africa.
• Salaam Bank Uganda Uganda's first fully licensed Islamic bank, licensed by the Bank of Uganda in September 2023. Provides Shariah-compliant personal and business banking for all faiths, rooted in integrity, ethics, and financial inclusivity.
• Salaam Microfinance Bank (Kenya) A fully Shariah-compliant microfinance bank regulated by the Central Bank of Kenya, operating for over a decade providing ethical banking products and internet banking services nationwide.
• Salaam Investment Bank (Kenya) A licensed investment bank under Kenya's Capital Markets Authority offering Shariah-compliant asset management, corporate advisory, and brokerage across capital markets.
• Salaam Somali Bank Personal and business banking in Mogadishu with a mobile app, internet banking, trade financing, land finance, car finance, and diaspora services.
• Dara Salaam Bank (Somaliland) The first fully Shariah-compliant bank in Somaliland, established in 2010. Offers personal and corporate accounts, asset financing, trade services, letters of credit, and the Waafi mobile banking app.
• Waafi Bank (Malaysia) The world's first virtual international Islamic bank. Branchless, Shariah-compliant banking with Hajj savings, ethical investments, interest-free accounts, and 24/7 global live support, allowing account opening online in days.
• Salaam Bank (SPB) - Bosaso Regional banking network connecting Salaam institutions and financial services across the Horn of Africa, based in Bosaso, Somalia.
• Agro Africa Bank (Somalia) Agriculture-focused banking in Somalia offering retail and corporate services, microfinance, and the Buraaq digital payment platform.
• Salaam Real Estate A 2.4 million sqm urban development with 7,000+ residential properties in a gated community including schools, healthcare, mosques, parks, and 24/7 gated security in Djibouti.
• Al Buruuj Group A real estate development and investment group delivering premium residential and commercial projects across the region.
• Buruuj Building Materials A building materials supply business supporting Salaam Group construction and development projects with quality materials at scale.
• Tamini Insurance (Djibouti) The first Islamic insurance company in Djibouti, offering automotive, marine, home, travel, business, and personal Takaful through cooperative mutual funds aligned with Islamic principles.
• Tamini General Insurance (Uganda) Uganda's first licensed Islamic Takaful insurer, launched as a sister company to Salaam Bank Uganda, offering motor, fire, and property cover to complete a seamless halal finance and insurance ecosystem.
• Takaful Insurance of Africa Ltd (TIA) A pioneer of ethical Takaful in Kenya since 2008, offering general and life Takaful insurance including motor, fire, medical (AFYA), and micro-Takaful. Held by Tamini Insurance as a majority-owned subsidiary of Salaam Group.
• Fuelstor Energy Terminal A $160 million (DJF 30 billion) multi-product energy terminal on 22 hectares in Damerjog, Djibouti. Stores, trades, and redistributes fuel, LPG, and edible oil with 400,000 metric ton capacity, connecting global supply markets to growing demand across Ethiopia and the Horn of Africa.
• FoodEx Edible Oil Logistics A leading force in East Africa's edible oil logistics, offering manufacturing, storage, transport, and distribution solutions from Djibouti's strategic Damerjog hub, leveraging rail-linked infrastructure alongside Fuelstor.
• Hormuud Telecom Somalia's largest telecommunications company and private-sector employer with 20,000+ employees. Offers GSM, fixed line, mobile banking via EVC Plus, the Waafi app, and is Somalia's first privately held company to achieve international ISO certification.
• Telesom Leading telecom provider in Somaliland offering 5G, fiber-to-home, fiber-to-business, eSIM, and unlimited data bundles, pioneering next-generation connectivity across the region.
• Golis Telecom The largest telecommunications operator in Puntland, providing extensive GSM, fixed-line, and internet network coverage across all major cities and 50+ districts in northeastern Somalia.
• Somnet Telecom A leading 4G LTE network operator in Somalia since 2012, providing mobile GSM, data services, and value-added digital solutions from Mogadishu.
• Waafi Digital Wallet Platform A digital financial services and mobile wallet platform enabling seamless payments and money transfers across the East Africa region.
• Swift Djibouti Logistics Fast, reliable logistics and courier services connecting businesses and consumers across Djibouti.
• Hormuud University A private non-profit university in Mogadishu established in 2010, specializing in engineering, technology, veterinary, and social sciences, and recognized as one of Somalia's leading higher education institutions.
• Hormuud Salaam Foundation Somalia's first and largest corporate philanthropic foundation, established in 2013 and funded by Hormuud Telecom and Salaam Somali Bank, supporting education, healthcare, scholarships, infrastructure, youth engagement, and humanitarian response.

Quantifiable outcome

• 7,000+ residential properties delivered in gated communities
• +2 more outcomes

Named customers4 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• First Community Bank: A Shariah-compliant bank in Kenya regulated by the Central Bank of Kenya. Direct comparable to Salaam Microfinance Bank given overlapping Islamic banking product set, target retail/SME customers, and East African regulatory environment.
• Tamweel Africa Holding: East African Islamic microfinance group operating across Kenya, Tanzania, and Uganda. Directly comparable to Salaam Microfinance Bank and Agro Africa Bank given the shared focus on Shariah-compliant microfinance and SME lending in East Africa.
• Amana Bank: Tanzania's first fully Shariah-compliant bank, offering interest-free banking across retail and corporate segments. Comparable to Salaam's Islamic commercial banks as a regional peer pursuing first-momer Islamic banking positions in East Africa.
• Gulf African Bank: Kenya's leading fully Shariah-compliant commercial bank, offering retail, corporate, and digital banking products. Directly comparable to Salaam's East African Islamic bank subsidiaries (Salaam Microfinance Bank, Salaam Bank Uganda) as it competes for the same Shariah-conscious customer base in the same regional market.

Broad incumbents

• Equity Group Holdings: East Africa's largest banking group by customer base, operating across Kenya, Uganda, Tanzania, Rwanda, DRC, and South Sudan. Comparable to Salaam's banking footprint and cross-border East African expansion, though Equity is a conventional rather than Islamic banking group.
• Diamond Trust Bank (DTB): East African banking group operating in Kenya, Uganda, Tanzania, and Burundi with a strong corporate and trade finance franchise. Comparable to Salaam's corporate banking and trade financing activities, particularly Salaam Investment Bank's brokerage and asset management.
• Safaricom: Kenya's largest mobile network operator and creator of M-Pesa mobile money. Comparable to Hormuud Telecom given parallel telecom-plus-mobile-banking convergence models that drive financial inclusion, though Safaricom operates at much larger scale and is not Shariah-compliant.
• KCB Group: Kenya-headquartered banking group with subsidiaries across East Africa (Kenya, Uganda, Tanzania, Rwanda, Burundi, South Sudan). Comparable to Salaam's regional banking footprint and cross-border trade financing operations, though KCB is a larger, conventional institution.

Emerging players

• Salama Africa: Pan-African Takaful insurance provider operating in Kenya and francophone West Africa. Comparable to Salaam's three Takaful insurers (Tamini, Tamini General, TIA) given the shared focus on Shariah-compliant insurance distribution and cooperative mutual fund structures across East Africa.
• ZamZam Bank: Ethiopia's first Shariah-compliant interest-free bank, launched in 2023. Emerging peer to Salaam Group given overlapping focus on Islamic banking in East Africa and shared ambition to serve Ethiopia-linked diaspora and trade finance corridors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries26 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Salaam Group