Somalilandsun- The state welcomes all sorts of investments from both compatriots and foreigners” more so as pertains to services they avail citizens.
this was stated by the Somaliland Vice President Abdirahman Sayli during the launch of premiere bank ceremony he officiated in Hargeisa
below is an article on the finc in published by The Horn Tribune newspaper
Premier Bank officially starts services
By M.A.Egge
The VP H.E. Abdirahman Abdillahi Ismael Sayli’i inaugurated on Thursday the Premier Bank which officially launched its services hence opened it’s doors to the members of the public.
The bank which joined the local industry on the 24th of December last year hence registered as an Islamic bank is affiliated to the international SWIFT financial operators.
“We are quite happy and the state welcomes the new banking services (Premier Bank) whole heartedly”, said the Vice President.
He said that when Somalilanders circulated money it is good for the national economy.
“The state welcomes all sorts of investments from both compatriots and foreigners”, the VP said.
The VP was however was quick to point out that the so called Islamic banks charrged extremely high commissions hence for it to fledge it ought to reduce it.
He added that conventional banking was a necessity in international development hence SL needs it, however, he cautioned, the usury part “should not be imposed upon any body”.
The Presidency minister Hon. Mohamud Hashi Abdi said that it has always been the objectives of the Kulmiye administration led by the Head of State H.E. Ahmed Mohammed Mohamud Silanyo and his VP H.E. A.A.I. Seyli’i to fledge open and free economy whereby everyone is free to indulge in a business of choice.
“It thus beckons foreign investiments, development and job creation hence it is in par with regulations”, said the minister.
An Islamic clergy Sheikh Osman Ali Hussein noted at the ceremony that the bank’s CEO Mr. Ahmed Abdirahman Sh. Bashir sought consultancy from them so as to align the banking operations to the regulations prescribed in Islamic economics.
Mr. Ahmed on his part thanked all those who attended the function which brought about sand together senior government officials, business executives, clerics and associated banking fraternities.
He gave a recup of the facilitaty’s short history before its official launching on the 25th of May 2017 in Somaliland.
The truth is that the facility which is the first SWIFT operator is unprecedent in the country and its services will go down quite well since it was long overdue.
It also takes Master and Visa cards.
The bank revealed that it will in the near future establish LC services.
