 | |
| Company type | Private company |
|---|---|
| Industry | Banking Financial services |
| Founded | 2014 |
| Headquarters | 1st Rd, 26 June District, Hargeisa & Trepiano Building, P.O.Box : 777, Waaberi, |
Key people | Mohamed Ali (Chairman) |
| Products | Investment Banking, Retail Banking, SME Banking, Corporate Banking, Digital Banking, Microfinance, Master Card, Visa Card |
| 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 $25.6 billion by gross domestic product as of 2024. 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.
Somalia is a federal republic consisting of 6 federal member states. They are Somaliland, Puntland, Galmudug, Hirshaabelle, South West, and Jubaland. There is an interim administration Khatumo, and a regional administration Banaadir. Somalia is further subdivided into 18 administrative regions, which are in turn subdivided into districts.
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.
Mass media in Somalia includes various radio, television, print and internet outlets. The federal government operates two official radio and TV networks, which exist alongside a number of private and foreign stations. Print media in the country is progressively giving way to news radio stations and online portals, as internet connectivity and access increases. In February 2013, the Ministry of Information, Posts and Telecommunication also launched a broad-based consultative process for the reformation of media legislation.
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.
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. In 2024, the number of foreign visitors to Somalia has increased by 50% in the past year, reaching over 10,000.
Somalia–Turkey relations are bilateral relations between Somalia and Turkey. The two nations are longstanding partners, engaging in close development cooperation. Somalia has an embassy in Ankara, and Turkey has an embassy in Mogadishu, which is the biggest Turkish embassy in the world.
The Federal Government of Somalia is the internationally recognised government of Somalia, and the first attempt to create a central government in Somalia since the collapse of the Somali Democratic Republic. It replaced the Transitional Federal Government (TFG) of Somalia on 20 August 2012 with the adoption of the Constitution of Somalia.
Hassan Sheikh Mohamud is a Somali politician who has served as the president of Somalia since May 2022, having previously held the office from 2012 to 2017.
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 the largest economic sector in Somalia and the country's major source of employment. 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.
Abdirahman Duale Beyle, also known as Abdirahman D. Beileh, is a Somali economist, professor, politician, philanthropist, poet, and songwriter. He served as the Minister of Foreign Affairs and International Cooperation of Somalia from January 2014 to January 2015. He is currently serving as Minister of Finance of Somalia.
Premier Bank is a Somali privately owned Sharia compliant commercial bank. It was incorporated in Somalia in 2013 and licensed by the Central Bank of Somalia in 2014.
This is a 2024 timeline of events in the Somali Civil War (2009–present).