IslamicFinance.de

Somaliland's President has signed the Central Banking Act into law. According to Central Bank Governor Abdi Dirir the Commercial Banking Act will be passed in the next three to four months.
Back in 2012 the financial sector agreed to have a Dual Banking system where both Conventional and Islamic banking systems operate in the country. However, the Commercial Banking Act is more than four years overdue. Economically, Somaliland's longterm competitiveness can only be ensured by introducing the Dual Banking System in the country.

To address the Financial Investment challenges in Mogadishu, Takaful, the first Islamic insurance company of Somalia, was opened December last year in Mogadishu, Somalia, marking a shift to protect critical assets and assist regional business practice in Somalia, which has for a long time been prone to risks without cover. The Takaful company already has successful operations in Mogadishu markets across Southern Somalia. The First Takaful and Re-Takaful Insurance partnership has already launched two regional operations in Mogadishu for the last three months.

Kenya will issue its debut sukuk in the next financial year, not this one as some had expected, after it opted to borrow an additional $750 million from its maiden $2 billion Eurobond issued in June. Parliament is set to consider a recommendation by its finance committee to double the government’s external debt ceiling to $28 billion to fund the construction of a newrailway, port, roads and power plants. Henry Rotich, the cabinet secretary for the Treasury, said the re-opening of the Eurobond, which is expected to be completed on Wednesday, had given the government time to prepare the documentation for the sukuk issue. He said it would be issued in the finiancial year in the financial year ending June 2016.