 | |
| Type | Private company |
|---|---|
| Industry | Banking Financial services |
| Founded | 2014 |
| Headquarters | 1st Rd, 26 June District, Hargeisa, Somaliland & Trepiano Building, P.O.Box : 777, Waaberi, |
Key people | Mahat Mohammed Ahmed (CEO) |
| Products | Investment Banking, Retail Banking, SME Banking, Corporate Banking, Digital Banking , Microfinance, Mastercard, VISACARD |
| Website | www |
The (IBS) (Somali : Bangiga caalamiga ah ee IBS Bank) is an IBS Bank headquartered in Mogadishu, Somalia.
IBS Bank began operations on 11 October 2014 in Mogadishu. [1] Its opening ceremony was attended by President Hassan Sheikh Mohamud, along with various cabinet ministers, businessmen, and other invited guests. [2]
IBS was incorporated in July 2013. [3] As of March 2015, it is one of six local banks with commercial licences issued by the Central Bank of Somalia. [4] The company is the first international bank in the country in over twenty years. [5]
The bank adheres to global compliance, auditing and risk-management standards. It also plans to retain the auditor services of the US-based accountancy firm Deloitte. [4] Additionally, the IBS Bank in March 2015 launched a $10 million public share offering. Investment share tranches were valued at between $500 and $500,000. The public share offer was 10% of the share capital, with an additional 31% percent owned by IBS' founders. Banks based in the United Arab Emirates were among the interested potential stakeholders. Further equity is expected to be made available as the bank grows in size. [4]
The IBS Bank was founded by Somali entrepreneurs, who are primarily based in Dubai. Mahat Mohammed Ahmed serves as the bank's Chief Executive Officer. [6]
IBS Bank is in partnership with MasterCard, [7] Visa, [8] USAID GEEL program [9] and ILO. [10] In July 2019, IBS bank launched its partnership with World Elite MasterCard debt cards. [11]
IBS provides personal banking, commercial banking, wholesale banking, investment banking and Takaful to clients. [3] Its services include trade finance, mortgages, deposits, overdrafts, project funds. [12]
The bank is also slated to offer online banking and a mobile banking application. [4]
IBS Bank has seven branches in main districts of Mogadishu and four branches in the cities Garowe, Kismayo, Bosaso, and Baidoa. [13] It has also received license to operate in the republic of Somaliland. [4]
IBS Bank have been awarded in 2016 and 2017 for the Bank of the Year award by the Somali Annual Business Awards (SABA Awards). [14]
Somalia is classified by the United Nations as a least developed country, with the majority of its population being dependent on agriculture and livestock for their livelihood. The economy of Somalia is $4.918 billion by gross domestic product as of 2020. For 1994, the CIA estimated it at purchasing power parity to be approximately $3.3 billion. In 2001, it was estimated to be $4.1 billion. By 2009, the CIA estimated that it had grown to $5.731 billion, with a projected real growth rate of 2.6%. In 2014, the International Monetary Fund estimated economic activity to have expanded by 3.7% primarily. This expansion was driven by growth in the primary sector and the secondary sector. According to a 2007 British Chambers of Commerce report, the private sector has experienced growth, particularly in the service sector. Unlike the pre-civil war period, when most services and the industrial sector were government-run, there has been substantial, albeit unmeasured, private investment in commercial activities. The investment has been largely financed by the Somali diaspora, and includes trade and marketing, money transfer services, transportation, communications, fishery equipment, airlines, telecommunications, education, health, construction and hotels.
Transport in Somalia refers to the transportation networks and modes of transport in effect in Somalia. They include highways, airports and seaports, in addition to various forms of public and private vehicular, maritime and aerial transportation.
Mogadishu, locally known as Xamar or Hamar, is the capital and most populous city of Somalia. The city has served as an important port connecting traders across the Indian Ocean for millennia, and has an estimated urban population of 2,610,483. Mogadishu is located in the coastal Banadir region on the Indian Ocean, which unlike other Somali regions, is considered a municipality rather than a maamul goboleed.
Somalia is a federal republic consisting of six federal states. Somalia is further subdivided into 18 administrative regions, which are in turn subdivided into districts. One region, Banaadir, is not part of any state.
Somali National University (SNU) is a national university in Mogadishu, the capital of Somalia. Its campus grounds were located four kilometers from the Mogadishu International Airport. It was established in 1971, but was "officially" founded in 1954. It closed in 1990. After closing down for a number of years, the university reopened in August 2014.
Jubba Airways is a Somali airline. It operates domestic passenger and cargo flights within Somalia, as well as to destinations in the Middle East.
Aden Adde International Airport, formerly known as Mogadishu International Airport, is an international airport serving Mogadishu, the capital of Somalia. It is named after Aden Abdullah Osman Daar, the first President of Somalia.
Telecommunications in Somaliland, an internationally unrecognised republic claimed by Somalia, are mainly concentrated in the private sector. A number of local telecommunications firms operate in the region, including Golis Telecom Somalia, SomCable, Somtel and Telesom.
The Central Bank of Somalia (CBS) is the monetary authority of Somalia. Somalia has struggled to reestablish a functioning state since the collapse of an authoritarian regime in 1991. Somalia has been cited as a real-world example of an anarchist stateless society and a country with no formal legal system. The Transitional Federal Government, formed in 2004, was recognized as the central government of Somalia. Among other duties, it is in charge of ensuring financial stability, maintaining the internal and external value of the local currency, and promoting credit and exchange conditions that facilitate the balanced growth of the national economy. Within the scope of its powers, it also contributes to the financial and economic policies of the State.
Somalia–United States relations are bilateral relations between the Federal Republic of Somalia and the United States of America. Somalia has an embassy in Washington, D.C., and the United States maintains an embassy in Mogadishu which was reopened in late 2019.
Omar Abdirashid Ali Sharmarke, popularly known as Omar Sharmarke, is a Somali diplomat and politician. From 2009 to 2010, he was the Prime Minister of Somalia. He subsequently briefly served as Somalia's Ambassador to the United States in 2014. In December 2014, Sharmarke was reappointed Prime Minister of Somalia. His term ended on 1 March 2017, and he was replaced by Hassan Ali Khaire.
Tourism in Somalia is regulated by the Federal Government of Somalia's Ministry of Tourism. The industry was traditionally noted for its numerous historical sites, beaches, waterfalls, mountain ranges and national parks. After the start of the civil war in the early 1990s, the Tourism Ministry shut down operations. It was re-established in the 2000s, and once again oversees the national tourist industry. The Mogadishu-based Somali Tourism Association (SOMTA) provides on-the-ground consulting services.
Somalia–Turkey relations are bilateral relations between Somalia and Turkey. The two nations are longstanding partners, engaging in close development cooperation.
Somalia–United Arab Emirates relations are bilateral relations between Somalia and the United Arab Emirates (UAE). Both nations are Arab League members and engage in close development cooperation. Somalia also has an embassy in Abu Dhabi, and the UAE maintains an embassy in Mogadishu.
Hassan Sheikh Mohamud is a Somali politician who has served as the president of Somalia since May 2022. He is the founder and current chairman of the Union for Peace and Development Party. He was indirectly elected as President of the Federal Republic of Somalia on 15 May 2022, defeating the incumbent president Mohamed Abdullahi Mohamed Farmajo. He previously served in the same position as the 8th president of Somalia from 2012 to 2017. A civil and political rights activist, Hassan was previously a university professor and dean at SIMAD University, which he co-founded.
Abdisalam Omer Hadliye, also known as Abdisalan Hadliye Omar, is a Somali economist and politician. He was previously a Chief of Staff at the Executive Office of the Mayor of the District of Columbia, a Director of the UNDP Somalia Financial Services and Governance Program, and a Chief Business Officer for the District of Columbia Public Schools. He also served as Governor of the Central Bank of Somalia in 2013. He served as the Minister of Foreign Affairs of Somalia from 27 February 2015 to 29 March 2017.
Agriculture in Somalia is a major employment activity and is the largest economic sector in the country. It contributes more than 65% to the national GDP from domestic distribution and exports to other parts of the continent, the Middle East and Europe.
Immigration in Somalia is regulated by the Somali Immigration Department of the Federal Government of Somalia.
The Port of Mogadishu, also known as the Mogadishu International Port, is the official seaport of Mogadishu, the capital of Somalia. Classified as a major class port, it is the largest harbour in the country.
Premier Bank Premier Bank is a privately owned Sharia compliant commercial bank incorporated in Somalia in 2013 and licensed by the Central Bank of Somalia in 2014. It is the first bank in Somalia to allow MasterCard credit cards and partner with Visa.