IBS Bank is Somalia’s premier global commercial and Investment bank with its headquarters in Mogadishu, the capital city of Somalia. 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.
IBS SUCCESSFUL HISTORY
2013
Incorporation
IBS Bank was incorporated in July 2013 and is licensed by the Central Bank of Somalia (CBS). The first international bank, which adheres international standards to be registered.
2014
Inception
The bank had its opening ceremony in October 2014. Since its inception, the bank has adhered to a strict and rigorous bio-metric KYC system.
IBS became the first bank in Somalia to offer international SWIFT transfers through the establishment of correspondent banks around the world.
2015
Launched Microfinance Program
The bank launched a Microcredit program for Small businesses. To date the program has processed over 1,000 applications. The program had profound, positive, and measurable impact on the beneficiaries, expanded their business, and enhanced their standard of living.
2016
Partnership with International Labor Organization (ILO) and awarded best emerging bank of the year
Together, ILO and IBS designed financial services and banking products targeting women entrepreneurs. With the successful implementation of the program, ILO allocated additional funding for expansion of this project in other regions of Somalia
2017
Awarded Best Bank of the year
IBS won the SABA award for the second time in 2017. This award is an initiative of the Somali Investor Magazine consortium to motivate Somali businesses to realize their potential.
2018
Launched Corporate and Retail online banking
IBS bank has launched an online banking platform with world class security standard and unique features such as automated SWIFT transfers.
2019
Successful launch of Mastercard and VISA
2022
Licensed by the Central Bank of Somaliland and started its first operations in Hargeisa.