Services
Salaam Bank's personal banking services include current accounts and savings accounts. The current accounts permit clients to pay for utilities through online, mobile, and direct debit orders, receive and wire international transfers, make payments via checks, use the Salaam Debit Card for purchases/withdrawals at ATM and EFTPOS locations, and access their accounts online and through mobile devices. [2]
The institution's corporate banking services include current accounts, fund transfers, Letters of Credit, and Letters of Guarantee. The current accounts are reserved for entities with valid commercial/industrial registration. Wire fund transfers can be made from the client's account to any other global bank account. Letters of Credit are aimed at reducing counterpart risk and can be fully or partially covered by the client. Letters of Guarantee are intended to safeguard against contractual risk and can be domestic or foreign. [2]
Additionally, the bank provides other common types of guarantees. Among these are tender/bid bonds, performance bonds, payment guarantees, and shipping guarantees. [2]
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit.
Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.
Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In many instances, bank fraud is a criminal offence.
A giro transfer, often shortened to giro, is a payment transfer from one current bank account to another bank account and initiated by the payer, not the payee. The debit card has a similar model. Giros are primarily used in Europe; although electronic payment systems exist in the United States, it is not possible to perform third-party transfers with them. In the European Union, there is the Single Euro Payments Area (SEPA), which allows electronic giro or debit card payments in euros to be executed to any euro bank account in the area.
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.
HSBC Bank Australia Limited is the Australian subsidiary of HSBC. The bank offers a wide range of financial services in Australia through a network of 36 branches and offices. These services include retail and commercial banking, financial planning, trade finance, treasury, and financial markets, payments and cash management, and securities custody.
The Economy of Somaliland largely relies on primary production and agriculture, where livestock is the main export of the country, which it ships to neighbouring Djibouti and Ethiopia, as well as to Gulf states, such as UAE, Saudi Arabia and Oman. Somaliland has a GDP per capita of $681 and a gross domestic product GDP of $2,800,000,000 as of 2019, most of which it receives in remittances from Somalis working abroad. The COVID-19 pandemic has restricted Somaliland's trade flows with decreased demand in the agriculture sector, a significant source of tax revenue.
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs). Such cards are known by a variety of names, including bank cards, ATM cards, client cards, key cards or cash cards.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
Dahabshiil is a Somali funds transfer company, and is the largest money-transfer business in Africa. It's headquartered in Burao, Somaliland. Formed in 2004, the firm operates from over 24,000 outlets and employs more than 2,000 people across 126 countries. It provides financial services to international organisations, as well as to both large and small businesses and private individuals. The company is also involved in community building projects in Somalia.
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A banking agent is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions. Rather than a branch teller, it is the owner or an employee of the retail outlet who conducts the transaction and lets clients deposit, withdraw, transfer funds, pay their bills, inquire about an account balance, or receive government benefits or a direct deposit from their employer. Banking agents can be pharmacies, supermarkets, convenience stores, lottery outlets, post offices, and more.
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
BPAY,, is an Australian electronic bill payment SaaS company which facilitates payments made through a financial institution's online, mobile or telephone banking facility to organisations which are registered BPAY billers.
Telesom is a private telecommunication company established in 2002 by local entrepreneurs in Hargeisa, Somaliland. It is the leading provider of ICT services in the country and offers a wide range of products including voice and mobile broadband, fixed broadband, SMS, mobile money, mobile education, mobile infotainment and cloud offerings such as SaaS, IaaS and PaaS services.
JPMorgan Chase is an American multinational banking corporation with a large presence in the United Kingdom. The corporation's European subsidiaries J.P. Morgan Europe Limited, J.P. Morgan International Bank Limited and J.P. Morgan Securities plc are headquartered in London.
Salaam Somali Bank, often abbreviated to SSB, is a Somali commercial bank. It is headquartered in Mogadishu, Somalia. SSB is one of the largest privately owned banks in the country.
The Salaam Bank (SB) is a bank headquartered in Bosaso, the city of Bari region in North west Somalia.
Zenus Bank is an American digital bank headquartered in San Juan. Founded in 2019 by Mushegh Tovmasyan, the company operates with an international banking licence offering Personal, Business, Corporate and Institutional banking services direct to clients through mobile apps and online banking. This approach enables clients to remotely open accounts without the need to be a US citizen, resident or registered business. It currently services customers in over 90 countries.
