International Bank of Somalia

The (IBS) (Somali: Bangiga caalamiga ah ee Soomaaliya, ) (Arabic: بنك الصومال العالم) is an international bank headquartered in Mogadishu, Somalia.

International Bank of Somalia
TypePrivate company
IndustryBanking
Financial Services
Founded2014
HeadquartersTrepiano Building, P.O.Box : 777, Waaberi,,
Mogadishu
,
Somalia
Key people
Mahat Mohammed Ahmed (CEO)
ProductsInvestment Banking, Retail Banking, SME Banking, Corporate Banking, Digital Banking
Websitewww.ibsbank.so

Overview

The International Bank of Somalia began operations on 11 October 2014 in Mogadishu.[1] Its opening ceremony was attended by President Hassan Sheikh Mohamud, along with various cabinet ministers, businessmen, and other invited guests.[2]

IBS was incorporated in July 2013.[3] As of March 2015, it is one of six local banks with commercial licences issued by the Central Bank of Somalia.[4] The company is the first international bank in the country in over twenty years.[5]

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.[4]

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.[4]

Logo from 2014 to 2017

The International Bank of Somalia was founded by Somali entrepreneurs, who are primarily based in Dubai. Mahat Mohammed Ahmed serves as the bank's Chief Executive Officer.[6]

IBS Bank is in partnership with MasterCard,[7] Visa,[8] USAID GEEL program[9] and ILO.[10] In July 2019, IBS bank launched its partnership with World Elite MasterCard debt cards.[11]

Logo from 2014 to 2017

Services

IBS provides personal banking, commercial banking, wholesale banking, investment banking and Takaful to clients.[3] Its services include trade finance, mortgages, deposits, overdrafts, project funds.[12]

The bank is also slated to offer online banking and a mobile banking application.[4]

Branches

IBS Bank has seven branches in main districts of Mogadishu and four branches in the cities Garowe, Kismayo, Bosaso, and Baidoa.[13] It also aims to open one in the autonomous Somaliland region.[4]

Logo from 2019

Awards

IBS Bank have been awarded in 2016 and 2017 for the Bank of the Year award by the Somali Annual Business Awards (SABA Awards).[14]

See also

References
  1. "Somali Bank Becomes First Lender to Handle Foreign Transactions". Bloomberg. 13 October 2014. Retrieved 13 October 2014.
  2. "Somali president urges businessmen to invest the country". Goobjoog. 13 October 2014. Retrieved 13 October 2014.
  3. "IBS Profile". International Bank of Somalia. Retrieved 19 March 2015.
  4. "Bank seeks to raise $10 mln via share sale in war-torn Somalia". Goobjoog. 11 March 2015. Retrieved 19 March 2015.
  5. "Somalia now has a bank that can move money internationally". Quartez. 13 October 2014. Retrieved 13 October 2014.
  6. "Mahat Mohammed Ahmed: The Fresh pair of hands at the helm of International Bank of Somalia (IBS)". The Somalia Investor. 2019-01-30. Retrieved 2020-05-19.
  7. "IBS launch MasterCard in Somalia". Goobjoog News English. 2019-07-08. Retrieved 2020-05-19.
  8. Communities, Africa Business. "Visa collaborates with IBS Bank Somalia to drive payments inclusion". Africa Business Communities. Retrieved 2020-05-19.
  9. "The U.S. Government and Federal Government of Somalia announce a New Effort to Promote Youth Workforce Development". CNBC Africa. 2020-01-27. Retrieved 2020-05-19.
  10. "ILO and International Bank of Somalia Provide Financial Services to Women Business Owners". www.ilo.org. 2015-12-16. Retrieved 2020-05-19.
  11. "Somalia: IBS Bank Brings World Elite Mastercard to Somalia". allAfrica.com. 2019-07-29. Retrieved 2020-05-19.
  12. "Bank of Somalia opens in Mogadishu". Asoko Insight. 13 October 2014. Retrieved 19 March 2015.
  13. "Find Us – IBS Bank". Retrieved 2020-05-19.
  14. "International bank of Somalia (IBS) clinches company of the year crown". The Somalia Investor. 2018-02-19. Retrieved 2020-05-19.
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