MOGADISHU (SD) -The Ziraat Katilim Bank of Turkey has opened a branch in the city of Mogadishu, becoming the first international bank to operate in the country in over 50 years, as reported by the Central Bank of Somalia.

The Central Bank stated that the establishment of the first Sharia-compliant bank in Somalia will strengthen the country’s financial sector, thereby enhancing economic and investment opportunities both domestically and with international partners.

In July 2022, the Central Bank of Somalia granted licenses to two renowned international banks, Ziraat Katilim Bank and Banque Misr of Egypt, following a rigorous application process.

Ziraat Katilim is a state-owned bank from Turkey, a member of the Ziraat Finance Group, operating in 20 different countries, with 15 subsidiaries and 27 representative offices abroad.

The Chairman expressed that the Central Bank is still committed to developing Somalia’s financial sector and establishing a robust and inclusive financial system.