Regulatory Alerts2025-07-04
Central Bank of Somalia Financial Reporting Regulations 2025
The Central Bank of Somalia has issued the Financial Reporting Regulations 2025 to standardize financial reporting and regulatory return submissions for all domestic takaful undertakings. The regulations mandate that operators prepare audited financial statements and regulatory returns in strict compliance with IFRS and AAOIFI standards aligned with Shariah principles, while explicitly disclosing technical provisions, Qard-Hasan, surplus distribution, and Zakat calculations. Operators must submit annual audited statements and quarterly unaudited reports within prescribed deadlines using specified forms, with the Bank empowered to impose administrative penalties and require corrections for late or inaccurate filings.
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