Regulatory Alerts2026-01-27
Added · Updated
Central Bank of Somalia Grants First Takaful Licenses
The Central Bank of Somalia has issued the nation's first four Takaful (Islamic insurance) licenses after its Board approved licensing regulations under the May 2025 Islamic Insurance Law. The approved operators must comply with a risk-based supervisory framework that enforces Shari’ah principles while standardizing insurance operations. This regulatory expansion strengthens consumer protection, enhances financial inclusion, and supports Somalia’s broader economic development through ethical insurance products.