Sunday, July 14, 2024
Editor's PickNew Somalian microfinance company to implement Islamic banking system

New Somalian microfinance company to implement Islamic banking system

ASAL Microfinance, a newly established Shariah compliant microfinance company in Somalia, has partnered with digital finance service provider Musoni to help streamline its operations.

Musoni’s core banking system is expected to enhance the operational efficiency of ASAL Microfinance upon implementation. It includes cloud-core banking, digital field application and open API [application programming interface] capabilities, and will support ASAL Microfinance in streamlining and automating its processes and delivering seamless banking experiences.

The partnership aligns with ASAL Microfinance’s commitment to contributing to the economic development of the country. “We are delighted to collaborate with Musoni as we embark on a new era of financial inclusion in Somalia … This partnership holds immense potential to positively impact the lives of individuals and businesses in Somalia,” said Saed Ibrahim Mohamud, CEO of ASAL Microfinance.

Musoni earlier this year announced that its core banking system now supports Islamic financial institutions and their Shariah compliant operations. The company, which has teams based in Kenya, the Netherlands and Myanmar, serves a few other Islamic microfinance entities in Somalia.

Meanwhile, ASAL Microfinance, which has recently been licensed by the Central Bank of Somalia, joins a thriving microfinance sector that hosts a few companies offering Shariah compliant solutions, including KIMS Microfinance, RAAS Microfinance and Bushra Microfinance Services.

Last year, the Somali Microfinance Association officially launched, and its membership comprises microfinance institutions in the country that are Shariah compliant.

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