02 January, 2021

What is Mudarabah Contract - Islamic Banking

15 November, 2020

Somaliland and the UK: Stability and Sustainable Development

(MENAFN - SomTribune)

On 11th November, DMA hosted their first engagement with the government of Somaliland since 2014, in partnership with Guul Group.

This marked DMA's 120th event, with over 200 registrants and four cabinet ministers. Opened by Stuart Brown, Head of the British Office in Hargeisa, and HE Abdi Hersi, Head of the Somaliland Mission in the UK, the event featured Lord Sheikh and the Minister for Investment Promotion, Hon. Mohamed Ahmed Mohamoud (Awad).
Drawing on his experience in Africa, and East Africa, Lord Sheikh discussed the strength of the relationship between the UK and Somaliland, the potential for Islamic Finance, sustainable investments and the development of Berbera Port as a catalyst for growth. The Minister of Investment Promotion echoed this, outlining key opportunities in agriculture, fisheries, energy, financial services and production, for the benefit of investors, the people of Somaliland and the environment.

McCoshan stepped in and steered an excellent content-rich first session for the event.

The panel explored Somaliland's trade and investment potential, as a vibrant and attractive market for FDI. Dr Saad Ali Shire, Minister of Finance, discussed Somaliland's growth rates and took a deep dive into the government's priority sectors, emphasising Somaliland's potential to be a gateway, not just into the country but into the wider region. Damon Bristow, FCDO, and Phillip Corper, SOGEEL, gave an insight into the work of the UK government and USAID in supporting businesses in this market. Hon. Hinda Jama Hersi Gaani, Minister of Employment and Family Affairs, highlighted the government's commitment to investors, employment laws and the quality of human capital in Somaliland.

As the biggest private sector investor in Somaliland, the Spotlight on Berbera Port showcased DP World's impressive $442m investment into the country and their future plans. Their long-term mindset is reflected in their focus on sustainability, local education and training.

GUUL Group announced their GUUL Grown investment platform, which is a one-stop-shop for anything trade and investment related in Somaliland, and their ambition to facilitate $100m into the country. It has been an absolute pleasure working with Guled, Chief Executive of Guul Group.

The second panel was expertly chaired by Lauren McEvatt, an Advisory Board member for DMA. A particular highlight was Dr. Edna Adan Ismail, who as a former Finance Minister, gave a passionate list of reasons why Somaliland should be the first choice for any business.

The Minister of Mining and Energy highlighted the potential in the energy sector, and the Minister of Finance spoke in more detail on the services provided by the Ministry to support investors. Angus Miller, emphasised the work of the FCDO in Somaliland and the importance of developing soft infrastructure, alongside hard infrastructure developments, such as the Berbera Port. Michel Botzung concluded the session with a brilliant presentation on why Somaliland is a jewel in the region and the importance of working together.

The Q & A session featured the Minister of Finance. There was only time to answer a selection of the audience's questions, covering Somalialnd's sovereignty, the blue economy, Islamic finance and the Berbera Port.

Many thanks to all of our speakers, supporters, our media partner the Somaliland Sun , and of course our sponsors: DP World , the Ambassador Hotel and Rio Architects .

Source: Developing Markets Associates


28 July, 2020

Fwd: Delivery Status Notification (Failure)

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Fwd: KSrelief signs deal to implement water and environmental sanitation project in Somaliland - Saudi Gazette

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16 June, 2020

The trend of uniting the nation by President Muse of Somaliland.

The President's speech in Somaliland, Somalia summit  meeting at Djibouti, reminded me the first speech President Muse gave on official announcement of NEC as President elect. I have written the following article, translating his historical speech. Read and see the resemblance. Evaluate the commitment to the cause of the nation. Taste the tone of courage and search of national unity. That speech touched the heart of the nation in all parts of Somaliland regardless of their political views. The same is said about Djibouti speech. It united the nation, young and old, men and women, opposition and supporter of the government. President Muse is gifted to raise nationalism at the time of need. Thank you Mr. President.
Let me leave you with that remarkable speech for your reflection.

The First Public Speech by  President  Elect Muse Bihi Abdi 
By Ahmed Hassan Arwo

Today 21 November 2017, the National Election Commission, declared the winning party of the presidential election, held on 13th November 2013 as the candidates of Kulmiye party, the ruling party of Somaliland. Mr. Muse Bihi Abdi and his running mate Mr. Abdirahman Saylie won 305,909 votes representing 55.19% of total votes cast. The second party Waddani won 226,092 (40.73%), while the third party, UCID got 23,141 (4.17%) of the total vote cast.

Thus Mr. Muse Bihi and Abdirahman Saylie were confirmed as President-Elect and Vice President respectfully.

Mr. Bihi was touched emotionally by the margin of the win. He is first ever elected Somaliland President with an overwhelming majority. In his first public speech as President-elect, he showed humility and spirit of thankfulness. After thanking his followers for the trust they bestowed upon him, he expressed the burden of leadership and his unreserved endeavor to unite the nation. Hereunder is his speech, translated from Somali.

All thanks to Allah, then to my Kulmiye supporters, and to all citizens of Somaliland. I am humbled and honored to win the trust of my people with this enormous margin. I feel intense with the obligation of responsibility. I realize the huge tasks in front of me, to address the immense needs of my people. I shall be President for all, those who voted for me and those who did not.

First and Foremost I appreciate the smooth running of our electoral process, with the outcome of all accepted free and fair election, as a historic landmark for our country. Let me thank the NEC, the Police and National Army, and above all our peace-loving, well-mannered and democratically oriented public. We did a great job. The whole nation deserves to be praised. It is not Kulmiye's victory, not mine, but a victory for all of us. The Nation won. It is not me and you, it is all of us who succeeded.

Disputes are human nature. Families quarrel. A father and son squabble, so a mother and daughter. We contested an election with exciting campaigns, bruises and scratches happened from all parties. It is nothing but a part of the game. There is no enmity between us and no hard feeling at all. Each one of us wants to develop and secure our national interest. We have different means to do that. We presented these differences to our people and the people decided. That is why we all prevail.

I feel that I am not the sole winner, UCID and WADDANI candidates as well triumphed. They contested peaceful and spotless campaign that attracted the eyes of the world. The congratulations and a commendable message from International Election Observers, the friendly countries and the world at large is the result of our combined undertaking. Together, we made our people proud and put our country celebrated worldwide for its democracy, a rare attribute to a developing country, lest unrecognized one. We raised our status to be recognized as an independent and sovereign nation. A sacred mission we all seek to accomplish.

I will let no stone unturned to remedy any grudge or resentment any Party feels, I will bring all of us, the three political Parties and their leadership to unite for the common good of our Somaliland. We cannot avoid disunity at these critical times. We have one enemy. That enemy is neither mine nor yours it is our enemy, and we have to unite against him. I welcome my yesterday adversaries as my brothers, with an open hand and clean heart to preserve the unity of the nation. United we can move mountains, divided we will fail.
Needless to say, what we share is overwhelmingly more than the tiny differences we have.

Thank You and Allah bless you.

Long live Somaliland, Viva Kulmiye. May peace and Allah's mercy be with us all.




15 June, 2020

WIN 20200614 19 57 42 Pro

Waa aragti muwaadin oo ku saabsan shirka Somaliland iyo Somalia ee Djibouti 14/06/2020. Waxa cad in Somaliland la tegtay ajande ay iyadu samaysay oon loo yidhiin. Waxa muuqata inay la tagtay qorshe garnaqsi, iyo soo jeedin iskaashi laba dal oo madax banaan, walaalo ah oo jaarnimo weheliso. in Somaliland ula dhaqanto dhammaan Soomaalida ka reer Jabuuti, Dawlada Degaanka Itoobiya, Kan Kenya iyo Xamarba walaalnimo, iskaashi iyo is qadarin, sidaasna ay ka rabto dhammaan Somalida.


03 June, 2020

Fwd: African Development Bank delivers on a decade of transformative commitments to reduce poverty

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African Development Bank Group (AfDB)



African Development Bank delivers on a decade of transformative commitments to reduce poverty

The Bank's investments have benefited millions of Africans through its 10-year strategy which it began implementing from 2013

ABIDJAN, Ivory Coast, June 3, 2020/ -- For the past five decades, the African Development Bank Group (www.AfDB.org) has been at the forefront of driving Africa's economic transformation, leveraging its diverse resources and unique know-how as an indigenous development finance institution.

The Bank has delivered on its goals of reducing poverty and fostering inclusive growth on the continent. We scaled up development support for our 54 regional member countries and recorded remarkable successes in recent years in our renewed push to help deliver life-changing impact to livelihoods.

Overall, the Bank's investments have benefited millions of Africans through its 10-year strategy which it began implementing from 2013. Here are highlights of the Bank's achievements:

Landmark General Capital Increase: At an extraordinary shareholders' meeting in October 2019 in Abidjan, Governors of the African Development Bank, representing shareholders from 80 countries, approved a landmark $115 billion increase in capital for the continent's foremost financial institution.

The increase, the largest in the history of the Bank since its establishment in 1964, more than doubled its capital from $93 billion to $208 billion. This solidifies the Bank's leadership in development financing for the continent.

Successful African Development Fund (ADF15) replenishment: In December 2019, donors announced a remarkable $7.6 billion to replenish the African Development Fund. The replenishment represented a 35% increase in financing for low-income African countries at the end of the fifteenth replenishment of the African Development Fund, the concessional window of the Bank Group. The ADF contributes to poverty reduction and economic and social development in the 38 least developed African countries by providing concessional funding for projects and programs, as well as technical assistance for studies and capacity-building activities.

Resource mobilization for Women-Owned Businesses at G7 summit: At the G7 summit of world leaders in Biarritz, France, in August 2019, the President of the Bank Group, Akinwumi Adesina, successfully launched a global campaign of the Affirmative Finance Action for Women in Africa (AFAWA) to mobilize $3 billion for women entrepreneurs in Africa, with strong support and resources from G7 leaders and nations.

During the summit, French President Emmanuel Macron announced France's contribution of $135 million to the AFAWA initiative to encourage women's access to funding in Africa. The amount represents more than half the financial support of $251 million promised by the G7 governments. 

Also, the Bank co-hosted delegations from around the world for the first Global Gender Summit held in Africa, in Kigali, Rwanda. The gathering, attended by the presidents of Ethiopia – Sahle-Work Zewde, and Rwanda, Paul Kagame – moved the needle forward on gender equality and women's empowerment in Africa and around the world. Several agreements were signed to facilitate project financing for women entrepreneurs in Africa.

2019 Africa Investment Forum (AIF): Following a highly successful inaugural event, the Bank secured more than $40 billion worth of investment interest in less than 72 hours at the second edition of the Africa Investment Forum held in Johannesburg, South Africa. The Forum, Africa's largest marketplace for mobilizing capital, featured 56 boardroom deals valued at $67.6 billion – a 44% increase from the 2018 debut.

Transparent Institution: The Bank ranks 4th globally in transparency among 45 multilateral and bilateral institutions by Publish What You Fund, an outfit that consists of 19 developed economies. In addition, all the major rating agencies Moody's, Standard & Poor's, Fitch and the Japanese Credit Rating Agency have assigned it a triple-A rating. The outlook on all the ratings is stable and reflects the Bank's strong membership support, healthy capital adequacy, preferred creditor status and strong financial condition.

The Bank also recorded a few firsts.

Room2Run: In 2018, the Bank launched Room2Run, a pioneering $1 billion synthetic securitization of a portfolio of its private sector loans to serve as a model for other multilateral development banks and investors as they seek new ways to release much-needed financing to catalyse private capital in developing markets.

COVID-19 Social Bond: In March 2020, the Bank raised an exceptional $3 billion in a three-year bond to help ease the economic and social impact of the Covid-19 pandemic on livelihoods and Africa's economies. The Fight Covid-19 social bond garnered interest from central banks and official institutions, bank treasuries, and asset managers, including socially responsible investors, with bids exceeding $4.6 billion. It was the largest dollar-denominated social bond ever launched in international capital markets and the largest US dollar benchmark ever issued by the Bank. It will pay an interest rate of 0.75%.

LSE listing of Social Bond: The Bank celebrated another milestone with the listing of its Fight Covid-19 social bond on the London Stock Exchange on April 3. The bond is now available through its Sustainable Bond Market.

TAAT innovation boosting agriculture: The Bank's Technologies for African Agricultural Transformation program (TAAT) is leading the charge in helping to transform local staple crops across the continent, including maize, rice, wheat, cassava, high-iron beans, sorghum, millet, orange-fleshed sweet potatoes as well as livestock and fish. 

TAAT aims to raise food output in Africa by 100 million tons and lift 40 million people out of poverty by 2025 by harnessing high-impact, proven technologies to raise productivity, mitigate risks, and promote diversification and processing.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

African Development Bank Group (AfDB)

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Ex-spy chief's brother shot dead by security forces in Somalia

Ex-spy chief's brother shot dead by security forces in Somalia


Mustafe Martin Waxaan u Sharaxanahay Madaxweyne Somalia Qolada Mar kale...