AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE) is pleased to announce the commencement of a major strategic consultancy assignment with the Central Bank of Somaliland (BoS), marking a significant step toward establishing a fully developed Islamic banking and capital market ecosystem in the country.
The inaugural meeting, held at the Central Bank of Somaliland headquarters, was attended by Mr. Muhammad Zubair- CEO, AlHuda CIBE FZ LLE UAE, Mr. Abdinasir Ahmed Hirsi, Governor, Central Bank of Somaliland, Mr. Hamse A. Khaire – Deputy Governor, and Director of the Public Debt Management Department Mr. Abdirahman Omar Ibrahim.
During the meeting, Governor Mr. Abdinasir Ahmed Hirsi shared his perspective on this important initiative and highlighted the vision of the Central Bank of Somaliland for modern Islamic financial systems, he also added that Somaliland have a strategic vision to develop 100% Shariah-compliant banking and Financial System in the Country.
the Director General of the Central Bank of Somaliland Mr. Yasin Jama Axmed also expressed his commitment for fostering a conducive environment to the growth of Islamic banking products development, he also affirm his willingness to create a sustainable financial landscape that aligns with Islamic principles, promoting financial inclusion and stimulating economic development across Somaliland land financial institutions.
The consultancy assignment entrusted to AlHuda CIBE encompasses a broad spectrum of interrelated developmental components. These include conducting extensive research and environmental assessments, designing a comprehensive suite of Islamic banking products, and guidance on Shariah governance framework. The work also covers the formulation of operational frameworks and manuals, capacity-building programs for banking professionals with pilot testing and recommendations, and the provision of ongoing Shariah advisory support.
A major area of focus within this assignment is the development of Somaliland’s Islamic capital market, particularly the structuring of Sukuk as a sovereign and commercial investment instrument. Through this component, AlHuda CIBE will guide the Central Bank of Somaliland in establishing the regulatory and institutional foundations required for Sukuk issuance, capital market supervision, and long-term investment mobilization.
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