Somaliland Engages AlHuda CIBE to Develop Islamic Banking Regulations

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 has 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.