Mogadishu (Dawan Africa) – The Central Bank of Somalia (CBS) today formally announced the launch of the licensing process for Takaful (Islamic insurance) service providers, following the enactment of the National Takaful Law in May 2025.
The announcement comes after CBS organized a workshop on July 2, 2025, for all registered Takaful operators to introduce the regulatory instruments that will govern the sector. These instruments include the Licensing Regulation, Financial Reporting Regulation, and Capital Adequacy and Solvency Regulation—each approved by the CBS Board of Directors in May 2025.
Takaful companies in Somalia have previously operated under a basic registration regime with limited regulatory oversight. The new framework brings the sector under formal regulation and supervision for the first time.
“All Takaful firms operating in Somalia are required to apply for a license within a six-month window, in accordance with the new regulatory framework,” CBS stated in the announcement. “CBS encourages all firms to begin the application process promptly to ensure a smooth transition into the formal licensing regime.”
The Central Bank stated that it will offer support and guidance to firms throughout the licensing process to ensure compliance with the new regulations.