The Central Bank of Somalia (CBS) has issued the first-ever licences to provide Islamic insurance services in the country.
This historic step aims to regulate Somalia’s insurance sector, ensuring risk based supervisory standards in full in compliance with Shariah principles, the CBS said in a statement dated 27 January.
At a meeting on 24 January 2026, the CBS board of directors approved the licensing applications of four takaful companies that fully met the regulatory and licensing requirements. The licensed companies are:
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First Somali Takaful Insurance
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Amanah Insurance
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Baraka Takaful Insurance
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Salmaster Insurance
Commenting on the development, the Governor of the Central Bank of Somalia, Abdirahman Mohamed Abdullahi, stated, “Licensing the first takaful companies enables the central bank to establish a robust supervisory framework for the insurance sector, enhancing risk management, reinforcing consumer protection, and supporting the resilience of the national economy”.
The issuance of the licences followed the enactment of the Islamic Insurance (Takaful) Law in May 2025 and the subsequent approval of licensing regulations.