Financial services

Financial services

Financial services 

 The financial services and the banking system is not only increasing but also improving to a great extent in Somaliland. There are fully fledged Islamic and Sharia compliant banks providing multi high tech banking services including international standard financial services namely Automated Teller Machines (ATM), E-banking, Telex Transfer & Swift Services, DSB passbook, online money remittances, money exchange, investment services accommodating productive projects.

 

Somaliland has the Central Bank of  Somaliland whose principal objectives include fostering monetary stability, maintaining the internal and external value of the Somali shilling, and promoting credit and exchange conditions conductive to the balanced growth of the economy of the Republic, and within the limits of its powers, it shall contribute to the financial and economic policies of the State, and accordingly has now all the powers and duties of a Central Bank as this is stated in the Somaliland Central Bank Act No. 54/2012 despite there are still gaps in the implementation of the monetary stability as well as further regulatory frameworks in the remittances and the overall management of the financial service/remittances providers, foreign money exchange etc.

 

It has been part of the Somaliland government achievements in 2012 passing the Somaliland Islamic Banking Law http://www.somalilandlaw.com/xeerka_baananka_islaamiga_ah.pdf which enabled Somaliland move to a better new banking era. 

 

Dahabshiil Bank International http://www.dahabshilbank.com/, International Premier Bank https://www.premierbank.so/current-accounts/diaspora-banking-account/, and Daraasalam http://www.darasalaambank.com/are the major banks in Somaliland that provide such global electronic money managing banking services; and facilitates a lot the Somaliland nationals including the people from the Diaspora, visitors and the foreigners to user their Master Cards and get access to the other automated services. Some of these banks also provide or support business investment initiatives and/or initiate projects and loans, in some cases in cooperation with other international organizations.

The ATM machines of the above three banks are available in their headquarters as well as in the most five star hotels including Maansoor, Ambassador, Damal, Royal Palace, Deero Moll, and other business centers in Hargeisa

 

Besides Dahabshiil and Telesom, there are also several money remittance firms, both traditional and online money transfers which the Somalilanders in the Diaspora find them helpful to send money to Somaliland

For direct contact to the banks and money remittances firms in Somaliland, please refer to the business directory uploaded to this menu of the www.sldiaspora.org website 

 

Click here for further information of Somaliland banking laws and related issues

http://www.somalilandlaw.com/banking___finance_laws.html

 

Know the updated money exchange rates in Somaliland