(3 Minutes Read)
The Central Bank of the Republic of Somaliland has reaffirmed its position at the forefront of promoting Sharia-compliant financial systems as a foundation for sustainable national development. This commitment was underscored at the opening of the 3rd Annual Conference of Sharia Supervisory Boards for Banks and Financial Institutions, held in Hargeisa.
The two-day conference, convened under the theme “Sharia-Compliant Financing is the Key to Economic Development,” gathered senior Central Bank leaders, distinguished Islamic scholars, executives from private banks, and international delegates from Djibouti and Ethiopia’s Somali Regional State.
In his opening remarks, Governor Abdinasir Ahmed Hersi emphasized that harmonizing the national financial system with Islamic principles is both a religious obligation and a constitutional mandate—one that aligns closely with the values and aspirations of the Somaliland people. “This conference embodies our duty to build a financial architecture grounded in justice, transparency, and full Sharia adherence,” he stated.
Deputy Governor Hamse Khaire reinforced this message, noting that a strong Sharia-compliant framework is essential for fostering inclusive, long-term economic growth in an Islamic society. “When economic progress is guided by Sharia principles, we cultivate stability, public confidence, and an appealing climate for investment,” he told participants.
Director General Yasin Jama Ahmed outlined the conference’s practical goals, including enhancing public understanding of Islamic financial products—particularly Murabaha financing—and deepening collaboration between financial institutions and religious scholars to guarantee comprehensive Sharia compliance.
Prominent Somaliland scholars such as Sheikh Ibrahim Ahmed Said, Sheikh Mohamed Ibrahim Jama, and Sheikh Mohamed Abiib delivered in-depth presentations on the Islamic legal foundations of Murabaha transactions and broader principles governing Islamic economic practices.
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The conference serves as a vital platform for standardizing Sharia supervisory procedures across Somaliland’s banking sector, refining regulatory frameworks, and expanding training opportunities for financial professionals and the wider public. Participants commended the Central Bank for its proactive efforts to balance economic modernization with unwavering adherence to Islamic values, describing the institution as “the backbone of a principled and prosperous financial future” for Somaliland.