Yemen’s Saba Islamic Bank and Djibouti-based Dahabshil Bank are both planning to start operations in Somalia next year. Basel Haj-Issa, who took over as CEO of Saba Islamic Bank five months ago, explained that client demand is driving the bank’s expansion into Somalia.
“Djibouti does a lot of trade with Somalia, and many of our clients need our Islamic services in the country, Haj-Issa said. “They [our clients] have been coming to us and asking why we do not have a presence in Somalia.” Dahabshil Bank, which is a subsidiary of Dahabshil Remittance Service, was established in 2010 to be the main bank for all Somalis after the collapse of the country’s central government left Somalia without an official banking institution………………………………………..Full Article: Source