Central Bank of Somalia Joins AAOIFI

Manama, (SONNA) — The Central Bank of Somalia (CBS) has joined the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a leading global standard-setter for Islamic finance.

The membership was approved at the 24th AAOIFI Annual Shari'ah Boards Conference in Manama, Bahrain, where CBS was represented by Deputy Governor Dr. Ali Yassin.

Together with its membership in the Islamic Financial Services Board (IFSB), this reinforces Somalia's engagement with the two leading international standard-setting bodies for Islamic finance.

The membership supports CBS's efforts to strengthen regulation and governance and develop a sound, internationally aligned Islamic finance sector in Somalia.