Loading…Loading…Loading…Loading…Country guide · OIC member state
Somalia, a fully Muslim country on the Horn of Africa and an OIC member since 1969, has a banking sector where most commercial banks present themselves as Islamic. The Financial Institutions Law of 2012 allows licensed Islamic banks, windows, branches and subsidiaries, and the Central Bank of Somalia supervises them.
The central bank has issued specific rules for Islamic banks, including a Sharia governance framework and, in 2025, a guideline on financial reporting for Islamic commercial banks. Somalia is also one of the world's largest exporters of live animals to the Gulf, especially at Hajj time. This guide lists the institutions behind each part, with their pages on Wasabih.
Most commercial banks in Somalia present themselves as Islamic. Islamic banks, windows, branches and subsidiaries are licensed under the Financial Institutions Law and supervised by the Central Bank of Somalia.
The Central Bank of Somalia, which has issued a Sharia governance framework for Islamic banks and, in 2025, a guideline on financial reporting for Islamic commercial banks.
The central bank's 2025 guideline asks Islamic commercial banks to prepare financial statements in line with international standards while accounting for Sharia requirements.
Mostly live animals, such as sheep, goats and camels, shipped to Gulf markets, especially during the Hajj season, along with meat and other farm products.
Somalia has been a member state of the Organisation of Islamic Cooperation since 1969.
Part of the Halal economy in Somalia?
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