The Central Bank of the Republic of Somaliland has reaffirmed its leadership in promoting Sharia-compliant financial systems as the cornerstone of sustainable economic growth, during the opening of the 3rd Annual Conference of Sharia Supervisory Boards of Banks and Financial Institutions held in Hargeisa.
Under the theme “Sharia-Compliant Financing is the Key to Economic Development,” the two-day event brought together senior Central Bank officials, prominent Islamic scholars, private bank executives, and international guests from Djibouti and Ethiopia’s Somali Regional State.
Speaking at the opening ceremony, Governor Abdinasir Ahmed Hersi stressed that aligning the country’s financial system with Islamic principles is not only a religious obligation but also a constitutional duty that directly responds to the needs and aspirations of Somaliland’s people.
“This conference reflects our responsibility to build a financial system rooted in justice, transparency, and Sharia compliance,” Governor Abdinasir said.
Deputy Governor Hamse Khaire echoed the sentiment, stating that a robust Sharia-compliant framework is essential for achieving long-term, inclusive economic growth in an Islamic society. “When economic development and Sharia walk hand in hand, we create stability, public trust, and an attractive environment for investment,” he told delegates.
Director General Yasin Jama Ahmed highlighted the conference’s practical objectives: raising public awareness about Islamic finance products, especially Murabaha-based financing, and strengthening cooperation between financial institutions and religious scholars to ensure full Sharia compliance.
Leading Somaliland scholars, including Sheikh Ibrahin Ahmed Said, Sheikh Mohamed Ibrahim Jama, and Sheikh Mohamed Abiib, delivered detailed presentations on the religious rulings governing Murabaha transactions and broader principles of Islamic economics.
The conference serves as a platform to standardize Sharia supervisory practices across Somaliland’s banking sector, refine regulatory guidelines, and enhance training programs for both financial professionals and the general public.
Participants praised the Central Bank for its proactive role in balancing economic modernization with strict adherence to Islamic values, describing the institution as “the backbone of a principled and prosperous financial future” for Somaliland.