The Governor of the Central Bank of Somaliland Dr. Ali Abdilahi Dahir, who attended the 12th Islamic Economic Conference, said that the world has become aware of the benefits of Islamic banking at this time.
Dr. Ali, who spoke at the conference over the week held in Djibouti, said that Somaliland is the only country whose constitution states that Islamic banks can operate, and bans those engaging in usury.
He said that in the last ten years the Central Bank of Somaliland has played a major role in the growth of the country’s economy and private banks.
Participating in the conference, Dr. Ali said that the institution play will a role in developing, and internationalizing economic institutions.
Dr. Ali said that the roles and engagements of Islamic banks in the world have been recognized by the big banks of the world.
The 12th Islamic Economic Conference was attended by the President of Djibouti, the Prime Ministers of Djibouti and Ethiopia, ambassadors, senior ministers, members of the cabinet from 26 countries, international organizations, local and international economics eminent personalities.