Regulatory Alerts2025-07-14
Central Bank of Somalia Invites Takaful Firms to Apply for Licenses
The Central Bank of Somalia has launched a formal licensing process for Takaful (Islamic insurance) providers following the May 2025 enactment of the National Takaful Law. All registered firms must submit license applications within a six-month window starting June 6, 2025, to comply with newly mandated prudential, financial reporting, and capital adequacy regulations. This regulatory transition strengthens consumer protection, ensures Shariah compliance, and aligns Somalia’s Islamic insurance sector with international best practices.
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