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Salaam Somali Bank

Made Today

بنك سلام الصومالي

A fully fledged Islamic bank in Mogadishu, established in October 2009 as the first bank to operate in Somalia since 1991, which brought mobile banking and the first cash machines to the country; it received The Banker's international Islamic Bank of the Year award in 2024.

Depth

At a glance

Region
East Africa & Swahili coast
Identifiers
Wikidata

Trade and financeThe halal economy

In the Modern Islam Browser

Modern Islam BrowserEnterprise, brands and finance2009Somalia

Footprint

On Wikipedia in:arenso (read on 2026-11-07)

Wikidata:Q18210928

Summary

Salaam Somali Bank (SSB) is a commercial bank headquartered in Mogadishu and one of the largest privately owned banks in Somalia. 1 It is a fully fledged Islamic bank serving individuals, businesses and non-profit organisations. 1

Origins

It was established in October 2009, the first bank to operate in Somalia since 1991, to offer trusted banking to Somali businesses and communities and to help rebuild the country's banking system. 1

Digital banking

In 2010 it introduced the DEEQTOON mobile banking service on Hormuud Telecom's technology, making mobile deposits, withdrawals and transfers possible in Somalia for the first time; in 2011 it added digital purchases and SWIFT international transfers. 1 In 2014 it opened cash machines in Mogadishu, billed as the first in Somalia, which some diaspora businessmen criticised. 1 By 2023 DEEQTOON was handling about 400,000 transactions a day. 1

Livestock insurance

In 2023 it launched livestock insurance for pastoralists hit by drought with the World Bank and ZEP-RE, paying out on satellite data; by March 2026 more than 163,000 pastoralists had enrolled and US$4.5 million had been paid out. 1

Recognition and foundation

In 2024 it received The Banker's Islamic Bank of the Year award in the international category, which the magazine said made it the first African bank to win there. 1 With Hormuud Telecom it funds the Hormuud Salaam Foundation, which works in education, health and relief in Somalia. 1

References

  • English Wikipedia, "Salaam Somali Bank", revision 1380224435. 1

People and things also explored

Islamic banks and conventional banks — the difference, the doubts and the performance· Abu Dhabi Islamic Bank· Alrajhi Bank· Alinma Bank· Bank Albilad· Dubai Islamic Bank· Dukhan Bank· Emirates Islamic

Sources

  1. Salaam Somali Bank — English Wikipedia
  • Wikidata
Cite this page

islam.museum contributors. “Salaam Somali Bank”. islam.museum, https://islam.museum/en/listing/salaam-somali-bank/. CC BY-SA 4.0. Last updated 2026-11-07.

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