IslamicFinance.de

A recent UNICEF survey indicates that Somalia is off-track in achieving Millenium Development Goals for Water, Hygiene and Sanitation, a challenge facing Somaliland as well. To off-set the developmental challenges, Somaliland ought to implement sound financial systems. International Development Agencies note that if Somaliland is to have full confidence in Islamic Banking, then it needs to standardise, deregulate and diversify the economy. That would attract more investment from multi-lateral agencies, such as the World Bank, Islamic and African Development Banks (AfDB) and the United Nations. New technologies, such as mobile banking, can enhance the hard to reach areas and further attract potential customers. DBI and Dara Salaam banks are both investing in the latest technology for improving the economy.