The (IBS) () is an IBS Bank headquartered in

Mogadishu Mogadishu, locally known as Xamar or Hamar, is the capital and List of cities in Somalia by population, most populous city of Somalia. The city has served as an important port connecting traders across the Indian Ocean for millennia and has ...

Somalia Somalia, officially the Federal Republic of Somalia, is the easternmost country in continental Africa. The country is located in the Horn of Africa and is bordered by Ethiopia to the west, Djibouti to the northwest, Kenya to the southwest, th ...

Overview

IBS Bank began operations on 11 October 2014 in

. Its opening ceremony was attended by

President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university *President (government title) President may also refer to: Arts and entertainment Film and television *'' Præsident ...

Hassan Sheikh Mohamud Hassan Sheikh Mohamud (Somali language, Somali: ''Xasan Sheekh Maxamuud''; ; born 29 November 1955) is a Somali politician serving as the president of Somalia since 15 May 2022. He previously held the office from 2012 to 2017. Hassan was previo ...

, along with various cabinet ministers, businessmen, and other invited guests. IBS was incorporated in July 2013. As of March 2015, it is one of six local banks with commercial licences issued by the

Central Bank of Somalia The Central Bank of Somalia (CBS) (, ) is the monetary authority of Somalia. Somalia has struggled to reestablish a functioning state since the collapse of an authoritarian regime in 1991. Somalia has been cited as a real-world example of an a ...

. The company is the first international bank in the country in over twenty years. The bank adheres to global compliance, auditing and risk-management standards. It also plans to retain the auditor services of the US-based accountancy firm

Deloitte Deloitte is a multinational professional services network based in London, United Kingdom. It is the largest professional services network in the world by revenue and number of employees, and is one of the Big Four accounting firms, along wi ...

. Additionally, the IBS Bank in March 2015 launched a $10 million public share offering. Investment share tranches were valued at between $500 and $500,000. The public share offer was 10% of the share capital, with an additional 31% percent owned by IBS' founders. Banks based in the

United Arab Emirates The United Arab Emirates (UAE), or simply the Emirates, is a country in West Asia, in the Middle East, at the eastern end of the Arabian Peninsula. It is a Federal monarchy, federal elective monarchy made up of Emirates of the United Arab E ...

were among the interested potential stakeholders. Further equity is expected to be made available as the bank grows in size. The IBS Bank was founded by Somali entrepreneurs, who are primarily based in

Dubai Dubai (Help:IPA/English, /duːˈbaɪ/ Help:Pronunciation respelling key, ''doo-BYE''; Modern Standard Arabic, Modern Standard Arabic: ; Emirati Arabic, Emirati Arabic: , Romanization of Arabic, romanized: Help:IPA/English, /diˈbej/) is the Lis ...

. Mahat Mohammed Ahmed serves as the bank's Chief Executive Officer. IBS Bank is in partnership with MasterCard,

Visa Visa most commonly refers to: * Travel visa, a document that allows entry to a foreign country * Visa Inc., a US multinational financial and payment cards company ** Visa Debit card issued by the above company ** Visa Electron, a debit card ** Vi ...

USAID The United States Agency for International Development (USAID) is an agency of the United States government that has been responsible for administering civilian United States foreign aid, foreign aid and development assistance. Established in 19 ...

GEEL program and

ILO The International Labour Organization (ILO) is a United Nations agency whose mandate is to advance social and economic justice by setting international labour standards. Founded in October 1919 under the League of Nations, it is one of the firs ...

. In July 2019, IBS bank launched its partnership with World Elite MasterCard debt cards.

Services

IBS provides personal banking, commercial banking, wholesale banking, investment banking and

Takaful Takaful (, sometimes translated as "solidarity" or mutual guarantee) Khan, ''What Is Wrong with Islamic Economics?'', 2013: p.403 is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or ''sharia''-comp ...

to clients. Its services include

trade finance Trade finance is a phrase used to describe different strategies that are employed to make international trade easier. It signifies financing for trade, and it concerns both domestic and international trade transactions. A trade transaction requir ...

mortgages A mortgage loan or simply mortgage (), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any pur ...

deposits A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. ...

overdraft An overdraft occurs when something is withdrawn in excess of what is in a current account. For financial systems, this can be funds in a bank account. In these situations the account is said to be "overdrawn". In the economic system, if there i ...

s, project funds. The bank is also slated to offer online banking and a mobile banking application.

Branches

IBS Bank has seven branches in main districts of

and four branches in the cities

Garowe Garowe (, ,Kismayo Kismayo (, , ; ) is a port city in the southern Lower Juba (Jubbada Hoose) province of Somalia. It is the commercial capital of the autonomous Jubaland region. The city is situated southwest of the capital Mogadishu, near the mouth of the Jub ...

Bosaso Bosaso (, ), historically known as Bender Qassim is a city in the northeastern Bari province ('' gobol'') of Somalia. It is the seat of the Bosaso District. Located on the southern coast of the Gulf of Aden, the municipality serves as the region ...

, and

Baidoa Baidoa (, Somali (Af-Maxaa): , ) is the largest city of the South West State of Somalia. Between 2002 and 2014, Baidoa was the capital of the South West State. In 2014, the capital was changed to Barawa. Overview Baydhabo is the main hub of ...

. It has also received license to operate in the republic of Somaliland. IBS_bank_logo_2019

Awards

IBS Bank have been awarded in 2016 and 2017 for the Bank of the Year award by th
Somali Annual Business Awards (SABA Awards)

References

External links