Mogadishu, Somalia – SomBank, a leading Islamic financial institution in Somalia, has partnered with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) to strengthen its Shari’ah compliance in the country. As part of this initiative, 5,000 students will be enrolled in the Certificate of Proficiency in Sharia Standards (CPSS) and the Certificate of Proficiency in Financial Accounting Standards (CPFAS) programs.

Through this collaboration, SomBank will support the enrollment of 5,000 students over five years in these certification programs via AAOIFI’s advanced e-learning portal. The program will culminate in a professional qualification that emphasizes the AAOIFI Sharia Standards and AAOIFI Financial Accounting Standards. This initiative underscores SomBank’s commitment to upholding the highest standards of Shari’ah compliance in banking services.

Mr. Said Ali Shire, CEO of SomBank, commented on the significance of this partnership, stating:

"At SomBank, we recognize the vital role of Shari’ah compliance in building trust and integrity within the Islamic banking sector. By partnering with AAOIFI, we are taking a proactive step in equipping our workforce and future financial professionals with internationally recognized certifications in Islamic finance. This initiative will not only enhance the expertise of our employees but also contribute to the overall growth of the Islamic banking industry in Somalia.”

This partnership reflects SomBank’s broader vision of advancing Islamic finance education and aligning its operations with globally accepted Shari’ah standards. The program will be open to university students, banking professionals, and individuals interested in Islamic finance, ensuring widespread access to specialized knowledge in Shari’ah compliance and financial accounting.

Dr. Omar Mustafa Ansari, Secretary General of AAOIFI, expressed his enthusiasm for the collaboration, saying:

"AAOIFI is pleased to join hands with SomBank in this significant endeavor to enhance Islamic finance education in Somalia. By providing access to globally recognized certifications, we aim to empower financial professionals with the necessary skills and knowledge to strengthen the Islamic banking framework in the region.”

The certification programs will be delivered through AAOIFI’s state-of-the-art e-learning platform, enabling students to complete their studies remotely while gaining essential insights into Islamic financial standards. Upon successful completion, graduates will receive internationally recognized certifications that will enhance their career prospects and contribute to the development of a robust and compliant Islamic banking ecosystem in Somalia.

This partnership further solidifies SomBank’s leadership in the Islamic banking sector, reinforcing its dedication to financial excellence, transparency, and adherence to the highest Shari’ah standards.

This partnership between SomBank and AAOIFI reinforces SomBank’s commitment to Shari’ah compliance excellence and underscores the importance of continuous professional development in Islamic finance.