SALAAM BANK
Salaam Bank is a Sharia-compliant commercial bank headquartered in Bosaso, Puntland, Somalia, serving retail, SME and corporate clients across Puntland and the Federal Government of Somalia with personal accounts, Islamic investment financing, trade finance, and mobile money and remittance services through its WAAFI and TAAJ platforms.
- Company typePrivate
- Founded2014
- HeadquartersBosaso, Somalia
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What SALAAM BANK does
Salaam Bank is a Sharia-compliant commercial bank headquartered on Airport Road in Bosaso, Puntland State, Somalia, operating as a subsidiary of Salaam Somali Bank (SSB). It serves individual consumers, small and medium enterprises, and corporates across Puntland State and the broader Federal Government of Somalia with personal current and savings accounts, corporate accounts, investment financing, and trade-finance products including Letters of Credit, Letters of Guarantee, and TT-Transfers. All financing is structured around Islamic instruments — Mudarabah, Murabaha, Musharakah, Ijaarah, and Istisnaa — making the bank one of a limited set of formally licensed Sharia-compliant providers in the country.
The bank's core technology stack is an Islamic banking platform fronted by three digital channels: an online e-banking portal, a modern mobile banking application (iOS and Android, featuring biometric login, QR payments, and card management), and the WAAFI mobile wallet, which bundles mobile money, communications and banking services. Distribution is hybrid: physical branches, an in-house ATM network, and an extensive kaaftoon (agent-based) network that enables cash-in/cash-out and money transfer across Somalia. The bank also pioneered ATM and kaaftoon services and the first VISA Card for online transactions in Somalia, and operates TAAJ, a remittance product that deposits directly into Salaam Bank accounts.
Salaam Bank monetizes primarily through transaction and account fees on personal and corporate banking, mark-ups and profit-sharing on Sharia-compliant financing, commissions on the TAAJ remittance corridor, and interchange on VISA Card transactions. Pricing is not publicly disclosed and is quote-based rather than standardized. The bank is privately held, employs approximately 42 people, and has no record of external funding rounds, M&A, or leadership turnover in the available data; marketing is conducted via its website, Facebook, Twitter, LinkedIn, YouTube, and a call center.
SALAAM BANK firmographics
Firmographics- Name
- SALAAM BANK
- Legal name
- Salaam Bank
- Website
- https://salaambank.net
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Salaam Bank is a Sharia-compliant commercial bank headquartered in Bosaso, Puntland, Somalia, serving retail, SME and corporate clients across Puntland and the Federal Government of Somalia with personal accounts, Islamic investment financing, trade finance, and mobile money and remittance services through its WAAFI and TAAJ platforms.
- Ownership category
- akta.pro rank
SALAAM BANK industry classification
Industry- Product category
- Islamic Banking
- NAICS
- Commercial Banking (52211), Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)
- akta.pro secondary industries
- Islamic Corporate Banking (FSABAGAC), Islamic SME & Commercial Banking (FSABAGAB), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF)
Keywords
Where SALAAM BANK is headquartered
LocationHeadquarters
- HQ city
- Bosaso
- HQ country
- Somalia
Offices1 record
Markets served
SALAAM BANK business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Personal Banking Services: Fees from current accounts, savings accounts, and personal financing. Current accounts permit utility payments, international transfers, check payments, and debit card transactions.
- Corporate Banking Services: Fees from corporate current accounts, wire transfers, Letters of Credit, and Letters of Guarantee for businesses with valid commercial registration.
- Investment Services: Financing services including Home and Real Estate Financing, Vehicle Financing, Import/Export Financing, Asset Purchase Financing, Livestock Financing, Investing projects, and Micro Financing using Islamic instruments (Murabaha, Mudarabah, Musharakah, Ijaarah, Istisnaa).
- Digital Banking Services: E-banking, mobile banking, and online transaction fees including VISA card transactions.
- TAAJ Remittance Services: Money transfer and remittance services with mobile deposit capabilities and affordable rates.
Go-to-market motion1 record
Distribution channels6 records
Marketing channels6 records
SALAAM BANK product offering
Product offeringCore offering
Salaam Bank is a Sharia-compliant Islamic bank headquartered in Bosaso, Puntland State, Somalia, providing personal, corporate, and SME banking services. Its offerings include current and savings accounts, Islamic finance instruments (Mudarabah, Murabaha, Musharakah, Ijaarah, Istisnaa) for home, vehicle, import/export and livestock financing, trade finance (Letters of Credit and Guarantees), TT wire transfers, a payroll system, and corporate investment products. The bank distributes these services through physical branches, ATMs, an agent (kaaftoon) network, and digital channels including e-banking, a mobile banking app, the WAAFI mobile wallet, and the TAAJ money remittance service.
Product overview
Salaam Bank operates as a financial institution providing Islamic banking and conventional banking services through a multi-product portfolio. The bank offers personal banking (Current Account, Saving Account) and corporate banking services, complemented by digital banking channels including E-Bank (online banking), Mobile Banking app, and WAAFI mobile wallet. Key financial products include TAAJ money remittance, VISA Card, Investment Services using Islamic finance instruments (Mudarabah, Murabaha, Musharakah, Istisnaa), and trade finance solutions including Letters of Credit and Letters of Guarantee. The bank also provides business services such as Payroll System, Corporate Investment, and TT-Transfer. Salaam Bank is part of Salaam Somali Bank (SSB) and serves customers in Puntland State and the Federal Government of Somalia.
Differentiator
Problem solved
Functional benefit
Brands
- TAAJ: Money transfer and remittance service - leading provider of money remittance services in Somalia and beyond
- WAAFI
- VISA Card
Products and services
- TAAJ Remittance Mobile-based money remittance service enabling fast, secure sending and receiving of money with multiple payout options including instant deposits to Salaam Bank accounts, targeted at individuals and businesses transferring funds domestically and abroad.
- WAAFI Mobile Wallet Unified mobile wallet combining mobile money (HASAL, TAAJ) and bank services, available on iOS and Android, allowing users to send and receive money instantly and securely through a large agent network.
- VISA Card Visa card enabling global financial linkage and online transactions, the first card of its kind available in the Somali economy.
- Investment Services Sharia-compliant investment financing including Home and Real Estate Financing, Vehicle Financing, Import/Export Financing, Asset Purchase Financing, Livestock Financing, Investing Projects, and Micro Financing using Islamic finance tools (Murabaha, Mudarabah, Musharakah, Ijaarah, Istisnaa).
- Letter of Credit (LC) Bank-issued guarantee that a buyer's payment to a seller will be received on time and for the correct amount, used by business clients to reduce counterparty risk in trade transactions.
- Letter of Guarantee (LG) Contract issued by Salaam Bank on behalf of a customer entering a contract to purchase goods, promising to meet financial obligations in the event of default.
- E-Bank Online banking platform providing internet-based account access, fund transfers, and transaction management for individual and business customers.
- Mobile Banking App 24/7 mobile banking application available on iOS and Android with biometric login, instant transfers, card management, real-time notifications, QR code payments, mobile top-up, and account statements.
- Current Account Personal current account allowing utility bill payments online and via direct debit, international transfers received and wired, check payments, Salaam Debit Card purchases and withdrawals, and online and mobile access.
- Saving Account Personal savings account for depositing and saving funds, suited to individual customers seeking secure savings with the bank.
- Corporate Account Business banking account reserved for entities with valid commercial or industrial registration, providing the foundation for corporate cash management and fund transfers.
- TT-Transfer Telegraphic transfer service for wire fund transfers from client accounts to any other global bank account, used by individuals and businesses for international payments.
- Payroll System Electronic payroll service enabling businesses to manage and disburse employee salary payments through their corporate accounts at the bank.
- Corporate Investment Corporate investment services helping businesses pursue financial goals using Sharia-compliant structures offered by the bank.
Companies that use SALAAM BANK
Customer profileSegments3 records
Ideal customer profiles3 records
SALAAM BANK technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
SALAAM BANK partnerships and signals
Strategic signalScale indicators2 records
Recent moves6 records
Expansion highlights5 records
SALAAM BANK competitors and assessment
Company assessmentDirect peers
- Salaam Somali Bank (SSB): Direct parent of Salaam Bank and a broader Somali banking group offering personal, corporate, and Islamic banking services. The most comparable peer because it shares the same brand, distribution footprint, and Sharia-compliant product set across overlapping Somali markets.
- IBS Bank Somalia: Somali commercial bank providing personal, corporate, and digital banking services. Comparable as a domestic competitor targeting the same retail and SME segments in Somalia.
- Premier Bank Somalia: Somali commercial bank offering personal, corporate, and digital banking through branches, mobile apps, and agent networks. Directly competes with Salaam Bank in the same Somali consumer and SME segments.
- Daryeel Bank: Somali Sharia-compliant bank providing personal, corporate, and investment banking across Somalia. Closely comparable on Islamic finance product mix and target customer base.
Broad incumbents
- Al Baraka Bank: Network of Al Baraka banking subsidiaries across MENA, Africa, and Asia offering full Islamic banking services. Comparable as a broader Islamic banking incumbent against which Salaam Bank's product set is benchmarked.
Emerging players
- Zamzam Bank: Ethiopian Islamic bank offering interest-free banking to retail and corporate customers. Comparable as an emerging Sharia-compliant bank in a Horn of Africa frontier market with similar regulatory and inclusion challenges.
- Amana Bank Tanzania: East African Islamic bank offering Sharia-compliant retail, corporate, and SME banking. Comparable as a peer Islamic bank in a neighboring frontier market with similar product architecture.
Regional players
- MCB Islamic Bank: Pakistani Islamic commercial bank offering Sharia-compliant corporate, SME, and consumer banking. Comparable on Islamic banking product set and distribution mix (branches plus digital).
- Bank of Khyber (Islamic Banking): Pakistani Islamic banking subsidiary offering Murabaha, Ijarah, and Musharakah products to retail and corporate clients. Comparable on the Islamic finance product suite, though operating in a different regional context.
Others
- M-Pesa (Vodacom / Safaricom): Dominant mobile money platform with growing presence across East Africa. Relevant as a competing payments and deposit-substitute channel that shapes Salaam Bank's WAAFI proposition and remittance economics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
SALAAM BANK social profiles
Digital presenceSALAAM BANK financial estimates
Financial estimateRevenue estimate
Valuation estimate
SALAAM BANK leadership team
Management profileNumber of profiles
SALAAM BANK funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SALAAM BANK M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SALAAM BANK
What does SALAAM BANK do?
Salaam Bank is a Sharia-compliant Islamic bank headquartered in Bosaso, Puntland State, Somalia, providing personal, corporate, and SME banking services. Its offerings include current and savings accounts, Islamic finance instruments (Mudarabah, Murabaha, Musharakah, Ijaarah, Istisnaa) for home, vehicle, import/export and livestock financing, trade finance (Letters of Credit and Guarantees), TT wire transfers, a payroll system, and corporate investment products. The bank distributes these services through physical branches, ATMs, an agent (kaaftoon) network, and digital channels including e-banking, a mobile banking app, the WAAFI mobile wallet, and the TAAJ money remittance service.
Is SALAAM BANK a public or private company?
SALAAM BANK is a private company. It is classified as corporate owned and is currently operating.
When was SALAAM BANK founded?
SALAAM BANK was founded in 2014. It employs 11 to 50 people.
Where is SALAAM BANK based?
SALAAM BANK is headquartered in Bosaso, Somalia.
How does SALAAM BANK make money?
Five revenue lines are on record. Personal Banking Services are the primary driver. The others are corporate Banking Services, investment Services, digital Banking Services and TAAJ Remittance Services.
Who are SALAAM BANK's main competitors?
Direct peers on record are Salaam Somali Bank (SSB), IBS Bank Somalia, Premier Bank Somalia and Daryeel Bank. Al Baraka Bank is listed as a broad incumbent. Emerging players are Zamzam Bank and Amana Bank Tanzania. Regional players are MCB Islamic Bank and Bank of Khyber (Islamic Banking). M-Pesa (Vodacom / Safaricom) is listed as an others.
Does SALAAM BANK have an API?
No public API is recorded for SALAAM BANK.
What industry is SALAAM BANK in?
SALAAM BANK's product category is Islamic Banking. Its primary akta.pro industry code is FSABAGAH, Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam), with a secondary code of FSABAGAC, Islamic Corporate Banking. Its NAICS code is 52211 and its SIC code is 6022.