Optimism in Mombasa as Salaam Microfinance Bank opens Shari’ah-compliant branch
The launch on Saturday drew local dignitaries, community leaders, and hundreds of residents eager to witness the arrival of a Shari’ah-compliant financial institution that promises ethical and inclusive banking solutions.
Residents and business owners in Mombasa are expressing optimism following the official opening of Salaam Microfinance Bank’s new branch along Nkrumah Road, marking the bank’s expansion to the Coast region.
The launch on Saturday drew local dignitaries, community leaders, and hundreds of residents eager to witness the arrival of a Shari’ah-compliant financial institution that promises ethical and inclusive banking solutions.
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“This is a major win for small traders like us. We have long needed a bank that not only understands Islamic finance but is also ready to walk with us in our daily business challenges,” said Halima Omar
The new branch will offer a comprehensive range of services, including business financing, savings accounts, and digital banking via the Salaam Pay App.
All offerings are in strict compliance with Islamic banking principles, catering to a large segment of the population in the predominantly Muslim county.
Jaafar Abdulkadir, CEO of Salaam Microfinance Bank, said the expansion is part of the bank’s broader mission to empower communities across the country.
“Our Mombasa branch strengthens our commitment to supporting businesses and communities in the coastal region. We are excited to grow our footprint and contribute to Mombasa's dynamic economy through tailored financial solutions,” he said.
Business owners along Nkrumah Road welcomed the development, calling it timely and strategic.
“We have struggled with access to ethical financing. Salaam Bank’s entry gives us hope. Their services are structured to accommodate our faith, and that makes a huge difference,” said Saeed Mwashimba, a boutique owner in Mwembe Tayari.
For many young entrepreneurs, the digital banking feature via the Salaam Pay App stood out as a game-changer.
“Most of us operate online shops and need fast, reliable financial services. With Salaam Pay, I can manage my money straight from my phone and still comply with Islamic values,” said 26-year-old Salma Ahmed, who runs a cosmetics business on Instagram.
Community leaders also lauded the move, noting that financial inclusion has remained a barrier to economic growth in parts of Mombasa.
“This shows respect for our culture and offers real opportunities. Young people now have a chance to grow their ventures without fear of falling into riba (interest), which is prohibited in Islam,” said Sheikh Abubakar Noor.
Local economists believe the bank’s entry could significantly boost financial literacy and responsible lending practices in the region.
“This is not just about banking; it is about dignity. When women and youth can access capital without compromising their beliefs, we all win,” said Riziki Baya.
Salaam Microfinance Bank, a subsidiary of Salaam African Bank, is the first microfinance institution in Kenya offering fully Shari’ah-compliant services.
It is regulated by the Central Bank of Kenya and currently operates branches in Nairobi’s Eastleigh and Kimathi Street, alongside the new Mombasa branch.
Mombasa residents expressed excitement and hope for what they see as a new financial dawn in the region.
“I feel seen, and I feel included. This bank came for people like me, and I can’t wait to open an account,” said Abdirahman Issa.
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