Uganda, April 29 -- Six months after it started its operations in Uganda, Salaam Bank Uganda, was crowned as the Best New Islamic Bank in 2023 at the 2024 Islamic Finance News (IFN) Global Awards that were held in Dubai, United Arab Emirates, last week.

Salaam Bank Ltd, a subsidiary of Djibouti-based Salaam Group, was the first bank to receive an Islamic Banking licence from the Bank of Uganda (BOU) in September last year and started offering the service.

The bank, which was officially launched by President Museveni on March 27, offers Islamic banking which, unlike its conventional counterparts, prohibits paying or receiving of interest also known as Riba, but rather it is based on profit sharing. Islamic banks focus on generating retur...