International Bank of Somalia

Overview

The International Bank of Somalia began operations on 11 October 2014 in Mogadishu. Its opening ceremony was attended by President Hassan Sheikh Mohamud, 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 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.

Additionally, the International Bank of Somalia 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 were among the interested potential stakeholders. Further equity is expected to be made available as the bank grows in size.

Services

IBS provides personal banking, commercial banking, wholesale banking, investment banking and Takaful to clients. Its services include trade finance, mortgages, deposits, overdrafts, project funds.

The bank is also slated to offer online banking and a mobile banking application.

Branches

As of March 2015, the International Bank of Somalia is scheduled to establish an additional six branches in the capital within two months. It also aims to open four more outlets in other parts of the country by the end of the year, with one such branch to be based in the autonomous Somaliland region.

Management

The International Bank of Somalia was founded by Somali entrepreneurs, who are primarily based in Dubai. Hassan Ahmed Yusuf serves as the bank's Chief Executive Officer.