Register Islamic Bank in Somaliland

License for establishing Islamic Bank in Somaliland is issued in accordance with the Somaliland Islamic Bank Law No. 55/2012 and Somaliland Central Bank Law No. 54/2012 as well. Read Articles of 13, 14, 15, 16, 17, 18 and further under the Somaliland Islamic Bank Law for requirements of obtaining Islamic Bank License, and all related issues in the process.

  • According to Article 14 of the Somaliland Islamic Bank Law, any organization that is interested in establishing Islamic Bank in Somaliland, before starting, they should submit application to the Somaliland Central Bank requesting license;
  • Registration fee for obtaining Islamic Bank is one-time paid $150.000;
  • The Bank will respond within 30 days period;
  • Deposit $2,000,000 (Two million dollars) to the Central Bank;
  • The Islamic Bank cannot withdraw that money for the first three years;
  • If the Islamic Bank decides to withdraw that money, they should bring land or other fixed asset property of value up to $2,000,000;
  • Board of Directors of the Central Bank will investigate submitted applications and will issue license for it if fulfilling all required conditions;
  • The Central Bank will respond within not more than 30 days starting from receiving of the application and the applicant organization fulfills requirements;
  • Issuing license for Islamic Bank signed by Chairperson of the Founders Council and member of the Islamic Bank Founders Council other documents stated by the law will be submitted to the Central Bank;
  • Statement showing payment of the starting capital;
  • Islamic Bank will pay annual tax of $30,000 per year to the Somaliland Central Bank;
  • Naming of the new Islamic Bank will be approved by the Somaliland Central Bank according to Article 17 of the Somaliland Islamic Bank Law;
  • Read Article 16 for suspending of Islamic Bank License, and  read Section 5, Article 18 for  ownerships of Islamic Bank in Somaliland

For further information click this link and read http://www.somalilandlaw.com/banking___finance_laws.htmls

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