Banks, insurance and Islamic finance
Dahabshil Bank International: the Dahabshiil group's Islamic bank
Dahabshil Bank International is the Islamic bank of the Dahabshiil money transfer group. The Central Bank of Djibouti licensed Dahabshiil to take deposits and lend in December 2008, and the bank opened in Djibouti in 2009. In November 2014 it opened a $12 million headquarters building in Hargeisa, reported as the first commercial bank in Somaliland. It also works in Mogadishu and Bosaso and is on the Central Bank of Somalia's register of licensed banks.
The short version
Dahabshil Bank International (DBI) is a sharia-compliant bank owned by the Dahabshiil group, the largest Somali money transfer company (Wikipedia, Dahabshil Bank International). It appears on the Central Bank of Somalia's register of licensed banks as Dahabshiil International Bank (Central Bank of Somalia, licensed banks).
Timeline
- 29 December 2008: Dahabshiil announces that the Central Bank of Djibouti has authorised it to provide banking services: taking deposits and lending to people, businesses and companies. It planned to offer savings and current accounts, home finance, personal loans and debit and credit cards (Hiiraan Online, January 2009).
- 2009: the bank opens in Djibouti and becomes an officially recognised institution in Somaliland, opening its first Hargeisa branch the same year (Wikipedia, Dahabshil Bank International).
- November 2014: Somaliland's president at the time, Ahmed Mohamed Mohamoud "Silanyo", opens the bank's $12 million headquarters building in central Hargeisa. The building also houses a shopping centre and a hotel. Reports described it as the first commercial bank in Somaliland's history (Somalilandsun, reprinted by Dahabshil Bank; Reuters, 30 November 2014, archived).
- By November 2014: the bank had lent $70 million to finance, livestock, farming, health and education (Wikipedia, citing Reuters).
Where it works
At the 2014 opening, the group's chief executive, Abdirashid Duale, described the bank as headquartered in Djibouti, with branches in Hargeisa, Mogadishu and Bosaso (Somalilandsun, reprinted by Dahabshil Bank). Wikipedia gives Hargeisa as the head office and also calls it one of the main banks in Djibouti (Wikipedia). A 2013 report for the UK government named Dahabshil Bank and Salaam African Bank, both registered in Djibouti, as the only two banks then operating in Somalia apart from the money transfer firms (Beechwood International, Safer Corridors Rapid Assessment, 2013, p. 35).
Services and memberships
The bank offers personal, private, business and international banking, and also provides a commodities exchange service (Dahabshil Bank, archived 2014). Wikipedia lists the Common Market for Eastern and Southern Africa (COMESA) and the World Bank's Multilateral Investment Guarantee Agency among the bodies it belongs to (Wikipedia).
Names on maps and apps
In October 2024 Dahabshiil removed the name "Somaliland" from its platforms after a directive from the federal government of Somalia (Hiiraan Online, October 2024).
For the group's money transfer and telecom businesses, see Dahabshiil and Somtel. For all banks, see Banks in Somalia.
Sources
- Wikipedia, Dahabshil Bank International · en.wikipedia.org
- Central Bank of Somalia, licensed banks · centralbank.gov.so
- Hiiraan Online, January 2009 · hiiraan.com
- Somalilandsun, reprinted by Dahabshil Bank · dahabshilbank.com
- Reuters, 30 November 2014, archived · web.archive.org
- Beechwood International, Safer Corridors Rapid Assessment, 2013, p. 35 · assets.publishing.service.gov.uk
- Dahabshil Bank, archived 2014 · web.archive.org
- Hiiraan Online, October 2024 · store.hiiraan.com
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Where this matters
- Muqdisho (Mogadishu) and BanaadirMogadishu (Muqdisho) is Somalia's capital and makes up the Banadir region, with about 2.97 million people in 20 districts.
- Hargeysa (Hargeisa) and Woqooyi GalbeedWoqooyi Galbeed is the north-western region that holds Hargeisa (Hargeysa) and the port of Berbera, with about 1 to 1.45 million people.
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- Bristol (Somali diaspora)9,167 people in Bristol identified as Somali or Somalilander in Census 2021, the city's largest minority group. Where they live, work, housing, leaders and ties home.
- Calgary, Alberta, Canada2,845 people of Somali origin lived in Calgary at the 2021 Census, plus 890 in Brooks. How they came, who serves them and what they face.
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- DjiboutiAbout 13,900 refugees from Somalia live in Djibouti (Aug 2026): numbers since 1990, Ali Addeh, Holl-Holl, the 2017 refugee law, Arta 2000 and 2025 returns.
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