New law opens door to formal banking in Somaliland

Despite that since the collapse of the central government of Somalia in 1991 there has been no regular operation of financial institutions in the country, a new law was recently passed. It serves as a framework which enables privately owned institutions to open and operate banks in the region. After the approval of the regional parliament in September, on October 4th the President of Somaliland, Ahmed Mohamed Silanyo, signed the Islamic Banking Bill.

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