Somalia Licenses First Takaful Insurers

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The Central Bank of Somalia issued the country’s first licenses to Islamic insurance (Takaful) companies, launching a regulated Shari’ah-compliant insurance market. Regulators approved four firms—First Somali Takaful Insurance, Amanah Insurance, Baraka Takaful Insurance, and Salmaster Insurance—after they met regulatory standards. The central bank now supervises Somalia’s insurance sector, strengthening risk oversight, boosting investor and consumer confidence, and supporting financial inclusion and economic growth in Mogadishu.