MOGADISHU — The Central Bank of Somalia (CBS) has officially commenced the licensing of Takaful (Islamic Insurance) operators, issuing the first-ever licenses to provide these services in the country. This historic move follows the enactment of the Takaful Insurance Law in May 2025 and the subsequent approval of licensing regulations.
The decision was formalized during a meeting of the CBS Board of Directors on January 24, 2026. After a rigorous review process, the Board approved the applications of four companies that fully met the regulatory and licensing requirements.
Licensed Providers
The newly licensed entities authorized to operate under the country’s new regulatory framework are:
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First Somali Takaful Insurance LTD
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Amanah Insurance LTD
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Baraka Takaful Insurance LTD
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Salmaster Insurance
This milestone brings Somalia‘s insurance sector under a formal supervisory framework, ensuring risk-based oversight that is fully compliant with Shari’ah principles.
Strengthening the Financial System
The initiative is designed to enhance investor and consumer confidence while expanding access to ethical and innovative insurance products. The Central Bank aims to support financial inclusion and broader economic development by regulating the sector.
Commenting on the development, the Governor of the Central Bank of Somalia, Abdirahman Mohamed Abdullahi, highlighted the strategic importance of this step.
“Today marks a defining step in strengthening Somalia’s financial system. Licensing the first Takaful companies enables the Central Bank to establish a robust supervisory framework for the insurance sector, enhancing risk management, reinforcing consumer protection, and supporting the resilience of the national economy.”
The Central Bank reiterated its commitment to promoting an inclusive and stable financial system, integrating the insurance sector into the formal economy to ensure sustainable growth.
