Salaam Bank Limited

What Salaam Bank Limited does

Salaam Bank Limited, operating as Salaam Bank Uganda, is the first commercial bank licensed to offer Islamic banking services in Uganda, having received its license from the Bank of Uganda in June 2023 and commencing operations in September 2023 after more than two decades of waiting for Sharia-compliant banking in the country. The bank is a member of the Salaam Group of companies, an Islamic finance operator headquartered in Djibouti, and is headquartered at Rwenzori Courts, Nakasero Road, Kampala.

The bank operates a Sharia-compliant banking platform built around interest-free products structured through Islamic finance instruments (Mudarabah, Murabaha, and other Sharia-compliant contracts). Its product suite comprises seven personal and business banking accounts (Salaam Junior, Students, Savings, Prime, Expat, Business, and Prestige), six financing verticals (Agriculture, Real Estate, Motor, Business, Oil & Gas, and School Development), and six service channels (Mobile Banking, Online Banking, Agency Banking, School Pay, Prepaid Cards, and Visa Cards). The bank publishes quarterly Pillar 3 Market Disclosures under Bank of Uganda oversight, with all customer deposits insured by the Deposit Protection Fund up to 10 million UGX.

Salaam Bank serves three primary customer segments: individual consumers seeking ethical, interest-free personal banking (including expats and students); corporate and SME clients requiring Sharia-compliant business financing; and institutional clients in agriculture, real estate, and education seeking project financing aligned with Islamic principles. Revenue is generated through transaction fees on standard banking services; specific pricing is published via a downloadable tariff guide rather than disclosed on the public website. The bank is privately held, regulated by the Bank of Uganda, and operates within the East African market with a Ugandan geographic footprint.

Name

Salaam Bank Limited

Legal name

Salaam Bank Limited

Website

https://www.salaambank.co.ug

Company type

Private

Operating status

Operating

Short description

Salaam Bank Limited is Uganda's first licensed Islamic bank, offering Sharia-compliant deposit accounts, six financing verticals, and digital banking services to individuals, businesses, and institutions across Uganda.

Ownership category

akta.pro rank

Headquarters

HQ city

Kampala

HQ country

Uganda

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Islamic Banking Services: Traditional banking services including deposit accounts, financing products, and transaction banking offered in compliance with Islamic finance principles

Pricing tiers

Distribution channels6 records

Marketing channels8 records

Core offering

Salaam Bank Limited is Uganda's first Islamic bank, providing Sharia-compliant deposit accounts (personal, business, junior, students, expat, prime, prestige), sector-specific financing (agriculture, real estate, motor, business, oil & gas, school development), and digital banking channels (mobile, online, agency banking, prepaid cards, Visa cards). All products operate under interest-free Islamic finance principles including Mudarabah and Murabaha structures, with deposits protected up to 10 million UGX under the Deposit Protection Fund.

Product overview

Salaam Bank Limited is Uganda's first Islamic bank, offering a comprehensive suite of Sharia-compliant banking products organized across personal accounts, business accounts, and specialized financing services. The personal banking portfolio includes seven account types (Salaam Junior, Students, Savings, Prime, Expat, Business, and Prestige accounts) designed for different customer segments from children to high-net-worth individuals. The financing services cover six sectors: Agriculture, Real Estate, Motor, Business, Oil & Gas, and School Development. Digital banking services include Mobile Banking, Online Banking, Agency Banking, School Pay, Prepaid Cards, and Visa Cards. All products operate under Islamic finance principles of interest-free banking, ethical practices, and community empowerment, with deposits protected by the Deposit Protection Fund up to 10 million shillings.

Differentiator

Problem solved

Functional benefit

Products and services

• Salaam Prime Account Personal banking service providing convenient and ethical financial solutions aligned with Islamic principles, designed for individual customers seeking Sharia-compliant banking.
• Salaam Savings Account Banking option described in source as a business banking option designed to foster growth and compliance with Islamic financial principles.
• Salaam Expat Account Banking account designed to create a sustainable and inclusive economy for expatriate customers, offering Sharia-compliant banking services for non-resident or expatriate clients.
• Salaam Junior Account Savings account for children and young individuals, designed to promote financial literacy from an early age under Sharia-compliant banking principles.
• Salaam Students Account Banking account tailored for students with features suitable for educational financial needs, offered under Sharia-compliant principles.
• Salaam Business Account Business banking account designed for corporate customers, offering Sharia-compliant financial solutions for daily business operations and treasury management.
• Salaam Prestige Account Premium banking account for high-net-worth customers seeking exclusive Islamic banking services with prestige-tier features.
• Agriculture Financing Sharia-compliant financing solutions for agricultural activities, farming operations, and agribusiness borrowers.
• Real Estate Financing Islamic finance products for property purchase, development, and real estate investments, structured under Sharia-compliant instruments.
• Motor Financing Vehicle financing solutions compliant with Islamic banking principles for individual and commercial vehicle purchases.
• Business Financing Working capital and expansion financing for businesses, structured through Sharia-compliant instruments.
• Oil & Gas Financing Specialized Sharia-compliant financing for energy sector projects and petroleum-related investments.
• School Development Financing Sharia-compliant educational institution financing for school infrastructure development and expansion.
• School Pay Digital payment platform for school fees and education-related transactions, serving parents, schools, and educational institutions.
• Mobile Banking Smartphone-based mobile banking application enabling customers to access banking services and manage accounts on the go.
• Online Banking Internet banking platform enabling customers to manage accounts and execute transactions remotely via web browser.
• Agency Banking Banking services delivered through authorized third-party agents to expand accessibility, particularly in underserved areas.
• Prepaid Cards Prepaid card offerings issued via the GTP Secure Card platform, providing customers with plastic card payment solutions for online and in-store purchases.
• Visa Cards Visa-branded debit and credit payment cards offering flexible and competitive Islamic banking services integrated with the Visa payment network.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• Bank of Uganda (BoU)coreOthersRegulatory authority that granted the first Islamic banking license to Salaam Bank Uganda. BoU oversees and regulates all banking operations ensuring compliance with Uganda's financial regulations.
• Deposit Protection Fund (DPF)coreOthersGovernment-backed deposit insurance scheme protecting customer deposits up to 10 million UGX. All Salaam Bank customer deposits are protected under this fund.
• Uganda Revenue Authority (URA)coreOthersTax regulatory authority for tax compliance and reporting. Salaam Bank operates under URA regulations for tax administration.
• Financial Intelligence Authority (FIA)coreOthersAnti-money laundering regulatory body. Salaam Bank works with FIA for compliance with anti-money laundering and counter-financing of terrorism regulations.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Bank of Kigali: Bank of Kigali is Rwanda's largest commercial bank, operating in a neighboring East African market with similar regulatory and economic characteristics. It is comparable as a regional East African commercial bank benchmark for retail deposit scale, branch economics, and corporate banking penetration in the region.
• Equity Group Holdings: Equity Bank Kenya operates one of East Africa's largest branch and agent-banking networks, with strong financial-inclusion positioning. It is comparable as a regional incumbent with a multi-country East African footprint and agency-banking strategy that Salaam Bank also deploys in Uganda.
• Standard Chartered Bank Uganda: Standard Chartered Uganda is a major international commercial bank operating in Kampala with corporate, retail, and trade finance products. It is comparable as a foreign-affiliated commercial bank competitor targeting the same HNW/expat and corporate segments Salaam Bank targets with its Prestige and Business accounts.
• Stanbic Bank Uganda: Stanbic Bank Uganda is part of Standard Bank Group and one of Uganda's largest commercial banks by deposits and corporate book. It is comparable as the dominant domestic incumbent Salaam Bank must displace for corporate financing and high-net-worth deposit share.
• KCB Group: KCB Group is a leading East African banking group operating in Kenya, Uganda, Rwanda, Tanzania, and South Sudan. It is comparable as a regional incumbent competing in Uganda through KCB Bank Uganda, with established corporate and retail banking infrastructure Salaam Bank must compete against.

Broad incumbents

• Al Rajhi Bank: Al Rajhi Bank is the world's largest Islamic bank by assets, offering full retail and commercial Shariah-compliant banking. It is comparable as a broad incumbent demonstrating the scale ceiling of an Islamic-only bank and serves as a benchmark for retail deposit gathering and consumer financing in Muslim-majority markets.

Direct peers

• Qatar Islamic Bank: Qatar Islamic Bank is one of the largest full-service Islamic banks globally, offering Shariah-compliant retail, corporate, and investment banking. It is directly comparable as a benchmark for product breadth, Shariah governance, and the scaling path of a single-jurisdiction Islamic commercial bank.
• Salaam African Bank: Salaam African Bank in Djibouti is part of the same Salaam Group that owns Salaam Bank Uganda and operates the same Sharia-compliant commercial banking model. It is the closest comparable as the parent group's flagship Islamic bank, providing direct precedent for product, governance, and operating model.
• Dubai Islamic Bank: Dubai Islamic Bank is a pioneer full-service Islamic bank offering retail, corporate, and Shariah-compliant financing across multiple sectors (real estate, consumer, SME). Its operating model and sector-specific financing approach mirror Salaam Bank's six-vertical financing strategy (agriculture, real estate, motor, business, oil & gas, education).
• Abu Dhabi Islamic Bank: ADIB is a full-service Islamic bank in the UAE offering personal, corporate, and Shariah-compliant financing products across real estate, automotive, and business segments. It is directly comparable as a multi-segment Islamic commercial bank with a similar product taxonomy to Salaam Bank.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/salaambank_ug
• Facebookfacebook.com/salaambank_ug
• LinkedInug.linkedin.com/company/salaambankug
• Instagraminstagram.com/salaambank_ug
• TikToktiktok.com/@salaambank_ug

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

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 Bank Limited