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    IBS Bank is Somalia’s premier global commercial and Investment bank with its headquarters in Mogadishu, the capital city of Somalia.

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    IBS was incorporated in July 2013 and licensed by the Central Bank of Somalia (CBS).

    IBS Bank is an International, Islamic, and Somalia’s premier global investment and commercial bank with an entirely Shari´ah compliant portfolio of products & services. IBS was incorporated in July 2013 and is licensed by the Central Bank of Somalia (CBS).

    We are Somalia’s premier global investment and commercial bank with an entirely Shari´ah compliant portfolio of products & services. IBS Bank offers full banking services including retail, private, corporate, and investment banking services to their clients. Since its inception, IBS practice international standards for all their product offerings to align the Somalia banking system in line with the international banking system.

    We share with you our commitment to risk management to establish a sound, solid banking foundation you can trust. We let you know how we anticipate your needs and provide for them through continuous innovations. Our business is very much about people and planet, we therefore share how we engage in activities of giving back to society through our CSR activities and IBS Foundation.

    We currently have ten (10) branches operating within and outside Mogadishu and we are implementing our plans to increase our reach to achieve financial deepening to play a significant role in the development of Somalia and the region.

    IBS Bank is a member of the Union of Arab banks. The bank was the first to start the usage of the SWIFT code with an IBAN number which is recognized worldwide and thereby became connected to the International Banking System. The Bank is able to execute banking transactions with other banks anywhere in the world.

    Our products and services. The bank provides a wide range of banking services that are fully Shari´ah compliant. The full range is in Retail banking, corporate banking, trade finance, forex dealings, Mortgages, Micro finance, Insurance, Investment Finance and different financing (lending) products. The channels used in distribution include branches, ATMs, online banking and SWIFT.

    Governance & Management. IBS Bank is led by an experienced team of management reporting to an independent Board of Directors who are answerable to the shareholders. The Shari´ah board provides Shari´ah compliance oversight.

    Know-Your-Customer (KYC) & AML. Our Know-Your-Customer (KYC) policy is based on international standards and is strictly adhered to.  The information on customers is always reviewed and updated on regular basis and every customer goes through strict identity check through the due diligence process. IBS Bank has in-place International Standard rules and guidelines to prevent money laundering and terrorist financing.

    Innovation & Technology. IBS Bank partnered with MasterCard as the principle acquirer of the card services. It offers a wide range of cards including the most precious World Elite. IBS Bank was the first bank in East and Central Africa to issue Worldelite card. With this partnership, IBS Bank is rolling out more card services to meet the varied needs of customers. The bank operates ATMs that accepts both MasterCard and VISA cards. This partnership is also a clear demonstration of the trust the international business partners places on the bank.

    We invest in our staff and provide them with necessary support to make them better place to serve our customers and towards exceeding our customers’ expectations.

    We aspire to always be an employer of choice within the market. In the process we “Empower our staff with focus to “Empower You” our customers. With the growth of our staff the growth of customers is also assured and together we grow and win together.

    IBS Bank is an International, Islamic, and Somalia’s premier global investment and commercial bank with an entirely Shari´ah compliant portfolio of products & services. IBS was incorporated in July 2013 and is licensed by the Central Bank of Somalia (CBS).

    IBS Bank CSR and Foundation IBS Bank has over the years supported needy cases in society through its CSR program. These efforts have blossomed into the formation of a full-fledged IBS Bank Foundation. The foundation is committed to bettering the lives of people, and taking care of the environment.

    IBS Micro financing. Islamic Microfinance is a sector with great potential to expand. It is estimated that 72% of the population living in predominantly Muslim countries do not use financial services. For that reason the IBS’s microfinance program is intended to fill this gap in Somalia. Our Goal is to reach 100,000 beneficiaries in the next five years.

    The majority of Somali adult population do not have bank account at a formal financial institution. Our financial inclusion efforts seek to ensure that all households and businesses, regardless of income level, have access to and can effectively use the appropriate financial services they need to improve their lives.

    IBS Online banking provides secure and easy way for banking:

    The services offered include:

    • Customer global position view and balance inquiry
    • OTP Capability
    • Statements generation
    • Internal Funds Transfers (IFT)
    • SWIFT and RTGS transfers
    • Cross Currency Transactions
    • Bulk/Payroll Payment Processing

     

    RETAILLING ACCOUNT

    Current Account

    IBS personal current account enables you to run your account through various channels including checkbook, ATM cards, online banking and mobile App.

    Priority Account

    IBS Priority Account enables you to run your account through various channels include checkbook, ATM cards, online banking and mobile App.

    Personal savings account

    IBS personal savings account enables you to run your account through various channels including checkbook, ATM cards, online banking and mobile App.

    IBS NRC (non-resident customers) enables you to run your account through various channels including checkbook, ATM cards, online banking and mobile App.

    Kid’s savings account

    IBS kid’s savings account enables you to run your account through various channels including checkbook, ATM cards, online banking and mobile App.

     

    HAJ/UMRA account

    IBS HAJ/UMRA account enables you to run your account through various channels including checkbook, ATM cards, online banking and mobile App.

    REQUIREMENTS TO OPEN AN ACCOUNT

    • Original/valid documents (ID, passport, driving license/ birth certificate/ government ID).
    • 1 Passport Photo Size
    • Completed application form

    Benefits

    • Account statement
    • Unlimited teller transactions
    • Cheque book upon account opening
    • SMS Notification
    • Standing orders
    • Online banking
    • ATM Cards
    • Access to international payments
    • Access to personal finance

    SME BANKING

    Welcome to IBS Microfinance service We are the largest microfinance service provider in Somalia IBS Microfinance is an Islamic based Microfinance service, that has carved a niche for promoting small and medium business establishment against the shortage of fund and lack of support, loan practices through innovative microfinance services unprecedented in the history of Somalia.

    Islamic Microfinance is a sector with great potential to expand. It is estimated that 72% of the population living in predominantly Muslim countries do not use financial services ( Microworld), for that reason the IBS’s microfinance is intended to fill this gap in Somalia, our Goal is to reach 100,000 customers by the next five years.

    The majority of Somali adult population – do not have an account at a formal financial institution. Financial inclusion efforts seek to ensure that all households and businesses, regardless of income level, have access to and can effectively use the appropriate financial services they need to improve their lives.

     

    Business Model

    There are two main mechanisms of financial services that the International Bank of Somalia (IBS) delivers to customers.

    • Group-based models, where several entrepreneurs come together to apply for loans and other services as a group, this is known as group solidarity.
    • Relationship-based banking for individual and small businesses

    Ceiling Microfinance Loan Size

    There is no prior study conducted in Somalia regarding ceiling of loan size suitable for certain customers of microfinance, IBS conducted first research survey upon this issues, the survey covered the three main markets in Mogadishu- Bakara market, Souq ba’ad market, and Hamar weyne market, IBS identified two broad categories of customers and their suitable loan Size. Detailed information about the two categories will be under the head of our services.

    CORPORATE BANKING

    Everyday Account IBS everyday account enables you to run your business in modern-day world with speed, accuracy, and confidence as well as enjoying professional and personalized service from our dedicated corporate relationship managers.

    Sole Proprietorship account. IBS Sole Proprietorship account allows you to make payments and manage your cash flows through our online banking, giving  24/7 access to your bank account.

    Institution Account. IBS recognizes the need for institutions for their daily and monthly banking transactions. IBS offers services to institutions such as schools, universities and government agencies that help them manage their payroll processing and suppliers payments.

    NGO’s Account. IBS NGOs Current Account is a specialized product designed to cater for the banking needs of Non-governmental Organizations (NGOs) to undertake their transactions conveniently while receiving unique and innovative financial solutions that are Sharia-compliant.

    Requirements for Opening a Corporate Banking Account

    • Letter of request to open an account
    • Certificate of Registration
    • Authorized Signatories’ passports or IDs
    • Articles of Association or NGO constitution
    • Completed and signed application form

    Benefits for Opening a Corporate Banking Account

    • Unlimited transactions
    • Free monthly statement of account
    • Dedicated relationship managers
    • Access to international payments
    • Salary transfer packages
    • SMS notifications
    • Free online Banking tool to your accounts
    • Unlimited online transfers
    • Corporate ATM cards
    • Access to IBS financing opportunities

    DIGITAL BANKING

    Online Banking

    IBS Online banking provides secure and easy way for banking:

    The services offered include:

    • Customer global position view and balance inquiry
    • OTP Capability
    • Statements generation
    • Internal Funds Transfers (IFT)
    • SWIFT and RTGS transfers
    • Cross Currency Transactions
    • Bulk/Payroll Payment Processing

    Mobile Banking

    Bank at your convenience with ibs mobile banking app:

    • Account balance for cards products (Debit/Prepaid)
    • Statement Request
    • Inter account transfers
    • Bill payments & airtime
    • Card management feature
    • Cheque book request
    • ATM Cardless withdrawal
    • Invite friend capability

     

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