The Somaliland Institute of Banking and Finance (SLIBF) is a national educational and training institute specializing in banking, finance, and insurance, and is affiliated with the Central Bank of Somaliland. The institute plays an important role in developing the knowledge, professional skills, employability, and leadership capabilities of employees working in the country’s banks and financial institutions. It combines high-quality education, professional training, internationally recognized certifications, and short-term programs designed to develop and strengthen the capacity of employee s in financial institutions.
Established in 2024, SLIBF has, within a short period, implemented academic programs, professional training courses, and internationally recognized certification programs. The institute was established to address the national need for specialized knowledge and skills in banking, finance, and insurance. It offers Master’s programs, Professional Diplomas, professional certifications, and specialized training programs, including programs related to Islamic finance.
Since its establishment, SLIBF has trained hundreds of professionals, contributing to the development of the workforce and strengthening the capacity of Somaliland’s financial institutions. The institute has also established partnerships with international organizations, including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI). During the first half of 2026, it also obtained accreditation for three Executive Professional Master’s programs.
The Director of the Somaliland Institute of Banking and Finance, Dr. Fatah Al Rahman Abdullah Mohamed Elsafi, spoke to Dawan Newspaper during the newspaper’s visit to the institute’s headquarters in Hargeisa, discussing the progress and aspirations of SLIBF. He also provided detailed information about the establishment of the institute, the reasons behind its creation, its achievements, and its future plans.
When asked about the main purpose of establishing the Somaliland Institute of Banking and Finance and when it was founded, Dr. Fatah responded:
“The Somaliland Institute of Banking and Finance (SLIBF) is an educational and training institute that is part of the government and is affiliated with the Central Bank of Somaliland. It was established as a strategic initiative of the Central Bank to serve as its academic and training arm in the fields of banking and finance.
The institute was officially recognized by the National Commission for Higher Education on July 7, 2024, and was officially launched on September 8, 2024. The opening ceremony was inaugurated by the former Governor of the Central Bank, Dr. Ali Tahir. The institute officially began its first academic and professional programs in December 2024.
The institute was established to serve as a national institution specializing in professional education, training, and capacity development for employees in banking, finance, and insurance.
“The role of the institute is not limited to providing training courses. It aims to develop the knowledge, professional skills, competencies, and leadership capabilities needed to support the development of Somaliland’s financial sector.
The institute offers a range of academic, professional, and training programs, including Master’s degrees, Professional Diplomas, internationally recognized professional certifications, and short-term training programs.
The institute also partners with international professional organizations, particularly the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI).
These partnerships, together with the institute’s academic and professional programs, are intended to align its education and training with international academic and professional standards while maintaining Islamic principles and professional ethics.
Therefore, SLIBF plays an important role in the Central Bank of Somaliland’s efforts to develop human capital and institutional capacity within Somaliland’s banking and financial sector.”
Responding to the Needs of Somaliland’s Financial Sector
When Dawan asked Dr. Fatah about the needs and circumstances that led to the establishment of the institute and how it responds to the needs of Somaliland’s financial sector, he said:
“The institute was established in response to a clear need for a specialized institution dedicated to developing professional human capital for those working in Somaliland’s banking, finance, and insurance sectors.
As the financial sector continues to grow, institutions need employees and future leaders who possess not only theoretical knowledge but also practical skills, professional qualifications, work ethics, and the ability to adapt to modern developments in banking and Islamic finance.
“Before the establishment of the institute, there was a need for a specialized institution capable of bringing together, within a single institutional framework, academic education, professional certifications, specialized training, and broader capacity development for the financial sector.
The institute therefore addresses this need through three comprehensive areas of work.
First: Academic education and postgraduate studies aimed at developing advanced knowledge and research capabilities.
Second: Professional certifications and specialized training designed to directly respond to the practical needs of banks, insurance companies, microfinance institutions, the Central Bank, and other financial institutions.
Third: Developing partnerships with reputable local, regional, and international institutions, giving Somaliland professionals access to internationally recognized practices and standards.
This practical role is already evident in the institute’s activities. Between 2025 and 2026, the institute trained more than 600 participants from banks, microfinance institutions, insurance companies, departments of the Central Bank, and universities.
The institute also delivered 15 training programs in banking, finance, and insurance. These included financial statement analysis, motor insurance, Islamic microfinance, AAOIFI standards and Shariah, among others.
Therefore, I would describe the institute’s fundamental purpose as building professional human capital and strengthening institutional capacity, which are essential foundations for the development of Somaliland’s financial sector.”
Major Achievements Since Establishment
Speaking about the major achievements of the institute since its establishment, Dr. Fatah Al Rahman Abdullah Mohamed Elsafi said:
“Since its establishment, the institute has made significant progress, particularly considering that it is a newly established institution.
One of our major achievements has been the development and implementation of various programs in specialized education, professional skills, and training.
According to the 2025 Annual Report, since its establishment, the institute has trained approximately 475 professionals from banks, microfinance institutions, insurance companies, departments of the Central Bank, and university graduates. At the same time, 84 students enrolled in advanced fellowship programs, professional diploma programs, and recognized professional certification programs.
“In addition, 62 students graduated from the Professional Certificate in Banking and Finance program in December 2025.
The institute has also expanded its engagement with the insurance sector, banks, microfinance institutions, and departments of the Central Bank through specialized training programs and institutional partnerships.”
Dr. Fatah further stated: “During the first half of 2026, the institute trained approximately 145 professionals and implemented several important programs, including the Financial Statement Analysis and Decision-Making for Banks program, which benefited 30 employees of the Central Bank; the Motor Insurance program, attended by 38 participants from the insurance sector; the Principles of Business and Shariah Legal Standards in Modern Islamic Finance program, attended by 21 participants; and the introductory program, ‘How to Become a Certified Islamic Banker,’ which was attended by 27 participants.”
Current Students and Professional Programs
Dr. Fatah added: “Currently, the institute has 101 students enrolled in nine programs. Of these students, 67 are enrolled in two programs directly offered by the institute: Certified Islamic Banking Expert (CIBE) and Certified Islamic Insurance Expert (CIIE).
Another 34 students are enrolled in seven programs offered by the institute in partnership with CIBAFI and AAOIFI. These include Executive Professional Master’s programs, professional diplomas, and professional certification programs.
The institute has also significantly expanded its professional certification programs in partnership with AAOIFI and CIBAFI. These programs include CIB, CSAA, CSE, CIPA, and PDSA, as well as the Executive Professional Master’s in Islamic Finance.”
A New Approach to Professional Education
Explaining the institute’s key achievements and developments, Dr. Fatah highlighted one of the innovations SLIBF has introduced in professional education.
He noted that the institute does not merely facilitate students’ access to international professional programs offered by AAOIFI and CIBAFI. Instead, it has established a dedicated academic support system designed to strengthen students’ understanding and overall learning experience.
According to Dr. Fatah, this approach combines online learning with face-to-face academic support provided by experienced university lecturers, financial-sector experts, and professionals with extensive experience in banking and Islamic finance.
This team of academics and professionals continuously supports students through academic sessions and review sessions aimed at strengthening their understanding of the curriculum and preparing them for professional examinations.
Challenges and Institutional Development
Dr. Fatah explained that, like any newly established institution, the Somaliland Institute of Banking and Finance has faced challenges, including financial sustainability, implementation of academic programs, raising awareness about the institute, and institutional development.
He said that the institute has responded to these challenges by expanding its professional and academic programs, strengthening partnerships with financial institutions, and implementing its 2025–2029 Strategic Plan.
Another significant achievement was the accreditation of three Executive Professional Master’s programs during 2026.
Future Vision
Looking ahead, Dr. Fatah said the institute’s vision is for SLIBF to become a national center of excellence and a recognized regional institution in banking, finance, Islamic finance, insurance, and professional development.
The institute’s future priorities include:
- Expanding academic and professional programs.
- Strengthening local, regional, and international partnerships.
- Developing research activities.
- Ensuring institutional and financial sustainability.
- Continuing to build the professional capacity of Somaliland’s financial sector.
Ultimately, the institute’s vision is to become an institution that produces future professionals and leaders, supports financial institutions, and contributes to the development of Somaliland’s financial sector while building a strong regional presence and establishing international professional relationships.