The Salaam Bank (SB) is a bank headquartered in city of
Bosaso
Bosaso (, ), historically known as Bender Qassim is a city in the northeastern Bari province ('' gobol'') of Somalia. It is the seat of the Bosaso District. Located on the southern coast of the Gulf of Aden, the municipality serves as the region ...
, the commercial hub of
Puntland
Puntland is an autonomous state that considers itself to be part of Somalia, despite not accepting the legitimacy of Somalia's current governing administration. It was formed in 1998, and was a federal member state of Somalia from its fou ...
in the
Bari region
Bari (, ) is an administrative region ('' gobol'') in northeastern Somalia that consists of six districts: Qandala, Iskushuban, Aluula, Bosaso, Bandarbeyla, and Qardho. The port city of Bosaso is the capital of the region and the largest ...
.
Overview
Salaam Bank was established in February 2011.
As a financial institution, the bank provides personal banking and corporate banking. Its
Islamic banking
Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...
services and facilities include
Mudarabah
Profit and Loss Sharing (also called PLS or participatory banking) refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Musli ...
,
Murabaha
''Murabaḥah'', ''murabaḥa'', or ''murâbaḥah'' (, derived from ''ribh'' , meaning profit) was originally a term of ''fiqh'' (Islamic jurisprudence) for a sales contract where the buyer and seller agree on the Markup (business), markup (pr ...
,
Musharakah and
Istisna'a. Additionally, the bank offers
electronic banking
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institut ...
,
SMS banking
SMS banking is a form of mobile banking. It is a facility used by some banks or other financial institutions to send messages (also called notifications or alerts) to customers' mobile phones using SMS messaging, or a service provided by them w ...
,
mobile banking and internet debit.
In August 2011, the bank also launched an independent (Kaaftoon) service partnering the institution with
Golis Telecom Somalia
Golis Telecom (), shortened to Golis, is the largest telecommunications operator in the Puntland state of northeastern Somalia. It was founded in 2002 with the objective of supplying the country with GSM mobile services, fixed line and internet ...
.
Services
Salaam Bank's personal banking services include current accounts and savings accounts. The current accounts permit clients to pay for utilities through online, mobile, and direct debit orders, receive and wire international transfers, make payments via checks, use the Salaam Debit Card for purchases/withdrawals at ATM and POS locations, and access their accounts online and through mobile devices.
The institution's corporate banking services include current accounts,
fund transfers,
Letters of Credit
A letter of credit (LC), also known as a documentary credit or bankers commercial credit, or letter of undertaking (LoU), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exp ...
, and
Letters of Guarantee. The current accounts are reserved for entities with valid commercial/industrial registration. Wire fund transfers can be made from the client's account to any other global bank account. Letters of Credit are aimed at reducing counterpart risk and can be fully or partially covered by the client. Letters of Guarantee are intended to safeguard against contractual risk and can be domestic or foreign.
Additionally, the bank provides other common types of guarantees. Among these are tender/bid
bond
Bond or bonds may refer to:
Common meanings
* Bond (finance), a type of debt security
* Bail bond, a commercial third-party guarantor of surety bonds in the United States
* Fidelity bond, a type of insurance policy for employers
* Chemical bond, t ...
s, performance bonds, payment guarantees, and shipping guarantees.
See also
*
First Somali Bank
The First Somali Bank (FSB) was a Somali commercial bank headquartered in Mogadishu, Somalia. The bank provided bank accounts, loans and debit cards
A debit card, also known as a check card or bank card, is a payment card that can be used in ...
*
International Bank of Somalia
The (IBS) () is an IBS Bank headquartered in Mogadishu, Somalia.
Overview
IBS Bank began operations on 11 October 2014 in Mogadishu. Its opening ceremony was attended by President of Somalia, President Hassan Sheikh Mohamud, along with various ...
Notes
External links
*{{Official website
Economy of Puntland
Companies of Puntland
Banks of Puntland
Bosaso
Banks established in 2011