Spring 2016 Issue
> CFI.co Meets the Chairman of SALAAM African Bank:
Dr Omar Ismail Egal
D
r Omar Ismail Egal (56) from Djibouti was appointed to the board of directors of SALAAM African Bank at the end of 2008 and has been its chairman since.
buoyancy was largely driven by the construction and logistics sectors. Taking advantage of the country’s accelerated economic growth, SALAAM African Bank has seen its business and revenue expand significantly. In 2015, the bank’s net profit increased by 25%, compared to the year before. The bank has maintained its credit lines for SMEs and is investing in construction and logistics sectors with a view of making a sizeable contribution to Djibouti’s economic development.
Dr Omar has served in public sector entities and bodies for a number of years in different capacities. In 1990 and 1991, Dr Omar represented the government of Djibouti on an import project organised by the United Nations Development Programme (UNDP). From 1991 to 2002, Dr Omar worked at Djibouti’s Ministry of Trade and Commerce where he had served as head of Information of the Department of Commercial and Economic Affairs. From 2003 to 2013, Dr Omar was assistant director to the cabinet of the country’s president. During that time, he was also general manager for the Diwan Azakat Fund. Subsequently, Dr Omar embarked on a career in the financial world which led him to become chairman of the board of SALAAM African Bank. Dr Omar holds a PhD in Human Resources Management and MA in Economics from Ummu Durman University of Sudan and Ainshan University in Egypt, respectively. Dr Omar has mastered full spoken and written fluency in several languages including Somali, Arabic, and French. He has specialised in, and become a recognised authority on, amongst others, strategic management, human resources development, and leadership. SALAAM African Bank, its founders, shareholders, senior managers, and employees welcome, and are exceptionally pleased, with the nomination and subsequent win of the 2016 Best Sharia-Compliant Commercial Bank East Africa Award extended by CFI.co. SALAAM African Bank has pioneered a full suite of Sharia-compliant products and services
Chairman: Dr Omar Ismail Egal
that has exceeded client expectations. The bank continually strives to further improve its financial services with innovative products that conform to Islamic Law. SALAAM African Bank is market-driven and is known and recognised for anticipating clients’ demands and adjusting its products and services to dovetail with market requirements. The bank is able to meet its clients banking needs both regionally and in key countries around the globe via its network of correspondent banks. Overall, Djibouti’s SALAAM African Bank performed well over the past five years. The bank targeted small and medium-sized enterprises (SMEs) and established joints business and provided asset financing on mutually beneficial terms in order to build strong long-term relationships with its customers. Djibouti has been on a trajectory of solid economic growth. The country continues to register impressive results with GDP expanding at a rate of close to 6% in 2014. The economic
The loyalty and trust of its customer base give SALAAM African Bank a decisive competitive edge. By expanding its client-centric approach and keeping its corporate focus trained on the integrity of all operations and processes, the bank maintains a strong and stellar reputation for reliability and trust. SALAAM African Banks boasts a highly qualified staff and an exceptionally experienced management team. The bank considers these key characteristics that enabled it to increase SALAAM African Bank’s market share over the last five years. The bank continues to offer and enhance its Sharia-compliant line of products and services that includes current and savings accounts, Islamic deposits, murabaha, musharakah, mudarabah, wakala, bay Salam, istissn’aa, ijara, bonds, documentary credits, bank guarantees, and documentary collections. SALAAM African Bank also offers ATM services, Master Cards, POS terminals, telephone banking, utility payments, SMS notifications, and electronic banking. Traditional services like TTs, DDs, clearing, and collections are also offered. Management thanks the entire SAB team, shareholders, and customers for their continuous support, trust, and loyalty. i
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SALAAM African Bank: Net Income Growth
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