Mogadishu, Somalia — January 27, 2026 The Central Bank of Somalia (CBS) has marked a significant milestone in the nation’s financial sector by issuing the first-ever Takaful licenses to four firms. This regulatory development, which follows the adoption of the Takaful Insurance Law in May 2025, is seen as a crucial step towards formalizing Somalia’s insurance industry and bolstering economic recovery.
According to the Central Bank, the licensed entities include First Somali Takaful Insurance LTD, Amanah Insurance LTD, Baraka Takaful Insurance LTD, and Salmastar Insurance.
These companies are now legally recognized to offer Islamic insurance products under a framework that adheres to Sharia principles.
The CBS highlighted the strategic importance of the move, emphasizing its role in managing risks and fostering a robust insurance system. Governor H.
E.
Abdirahman Mohamed Abdullahi noted that licensing is essential for effective supervision and managing financial risks associated with insurance services. This development is part of Somalia’s broader economic recovery efforts, aligning with global trends in financial sector diversification and the inclusion of Sharia-compliant financial services.
It is expected to enhance the availability of innovative financial services and boost investor and consumer confidence in the Somali market.
The move also reflects the Central Bank’s commitment to the advancement and protection of the stability of Somalia’s financial system. By integrating the insurance sector under a legal umbrella, the government aims to deepen Somalia’s integration into the global financial architecture while ensuring sustainable and secure growth.
Regional officials confirmed that further details about the implementation of the new licensing framework are expected in the coming weeks.
The Central Bank has not yet commented on the specific impact this regulatory change may have on the broader economy or on the operations of the newly licensed Takaful firms. Further details are expected as the Central Bank and the newly licensed firms work to implement the new regulatory framework and integrate the Islamic insurance sector into the national economy.
Source: sonna.
*Additional reporting by ImNews | Sources consulted: 5*
