Salaam Microfinance Bank, formerly known as Uwezo Microfinance Bank, is one of Kenya’s 14 licensed microfinance banks. Specializing in Sharia-compliant financial products, Salaam Microfinance Bank is categorized as a medium-sized microfinance institution by the Central Bank of Kenya (CBK), holding a market share of 1.4%. With its headquarters and three branches located in Nairobi, Salaam Microfinance Bank caters to the diverse financial needs of individuals and businesses in line with Islamic principles.
Salaam Microfinance Bank Products
a) Financing Products
Salaam Microfinance Bank offers various financing options to cater to the needs of both individuals and businesses:
- Personal Finance: Provides Sharia-compliant financing to individuals for personal use, ensuring easy access to funds while adhering to Islamic banking principles.
- Auto-Financing: Tailored to assist customers in purchasing vehicles, this product is structured to comply with Sharia laws.
- Invoice/LPO Discounting: This service allows businesses to unlock immediate cash by discounting their invoices or Local Purchase Orders (LPOs) for smooth operational flow.
- Trade Finance: Offers a range of solutions aimed at supporting businesses in trade and commerce through Islamic-compliant trade finance options.
- Group Investment Facility: Facilitates investment opportunities for groups that adhere to Sharia law, providing structured investment plans to help them grow their funds.
- Working Capital Finance: Designed to provide businesses with necessary working capital while ensuring all financing remains compliant with Islamic financial principles.
b) Saving Products
Salaam Microfinance Bank offers various saving accounts to cater to the needs of individuals, groups, and businesses:
- Current Account: A basic account for day-to-day financial transactions that complies with Islamic banking laws.
- Savings Account: Allows individuals to save while earning returns that adhere to Sharia principles.
- Term Deposit Account: Offers customers the chance to invest their funds for a fixed term, with returns earned in compliance with Islamic finance rules.
- Group Saving Account: This account is tailored for groups or organizations looking to pool their savings in a Sharia-compliant manner.
c) Takaful Premium Financing
Salaam Microfinance Bank’s Takaful Premium Financing enables customers to pay their insurance premiums in manageable monthly installments. The bank directly pays the full premium to the insurer, ensuring the customer is fully covered, while the customer enjoys the flexibility of spreading the cost over a set period.
List Of Salaam Microfinance Bank Branches
Salaam Microfinance Bank operates out of four key locations in Nairobi:
- Salaam Microfinance Bank Head Office
Location: Park Plaza, Opposite Jeevanjee Gardens, Moktar Daddah Street, Nairobi
Phone: +254718373737, 0710 544 444, 0717 233 333
Email: info@salaammfbank.co.ke - Park Plaza Branch
Location: Park Plaza, Opposite Jeevanjee Gardens, Moktar Daddah Street, Nairobi
Phone: 0703 591 302 - Eastleigh Branch
Location: 1st Avenue Eastleigh, Nairobi
Phone: 0703 591 302 - Kimathi Branch
Location: Biashara Street, Nairobi
Phone: 0703 591 302
Salaam Microfinance Bank stands out for its adherence to Islamic financial principles, making it a trusted institution for individuals and businesses seeking Sharia-compliant products. Whether you’re looking for financing, savings solutions, or insurance premium payment options, Salaam Microfinance Bank has a comprehensive range of products to meet your financial needs.
