The Central Bank of Somalia approved of IBS’s incorporation in July 2013. (CBS).
IBS Bank is the leading international, Islamic, and Somalian commercial and investment bank, providing a full range of services that are consistent with Shari’ah law. IBS was established in Somalia in July 2013 and has a banking license from the country’s central bank (CBS).
We are the leading international investment and commercial bank in Somalia, and all of our goods and services adhere to the tenets of Sharia law. IBS Bank provides its customers with a wide range of financial options, from personal banking to corporate banking and investment banking. Since its founding, IBS has used international standards for all of its products, bringing the financial system in Somalia into step with that of the rest of the world.
Together, we can build a safe and secure financial system, and that’s why we’re so dedicated to risk management. We explain how we try to foresee your requirements and meet them via constant innovation. Since people and the environment are essential to the success of our company, we’d like to tell you about the ways in which we give back to the community through our CSR initiatives and the IBS Foundation.
As of now, we have ten (10) branches both within and outside of Mogadishu, and we’re working to expand our reach so that we may achieve financial depth and play a major part in Somalia and regional growth.
The Union of Arab Banks includes IBS Bank as a member institution. When the bank first began using the universally known IBAN number in conjunction with the SWIFT code, it became part of the International Banking System. The Bank can conduct business with other banks throughout the world.
This company’s goods and wares. This bank offers a comprehensive suite of banking services that adhere to the tenets of Sharia law. Financing (loan) goods span the gamut from retail banking to corporate banking to trade finance to foreign exchange deals to mortgages to microfinance to insurance to investment banking. Branch locations, automated teller machines, the World Wide Web, and the SWIFT network are all examples of distribution channels.
management and leadership in governance. The administration of IBS Bank is comprised of seasoned professionals who report to an autonomous Board of Directors who are accountable to the bank’s shareholders. Oversight of Sharia law is provided by the Shariah council.
KYC and Anti-Money Laundering. Our KYC policy is founded on global best practices and is adhered to without exception. Every customer goes through a thorough identification check as part of the due diligence process, and that information is checked and updated on a regular basis. The IBS Bank follows regulations and recommendations established by the International Banking Standards to combat the funding of terrorism.
Invention and cutting-edge technology. With MasterCard as the primary acquirer, IBS Bank is the go-to for card services. It has a variety of cards available, including the rarest ones in the world, the World Elite. When it comes to issuing Worldelite cards, IBS Bank was the pioneer in East and Central Africa. IBS Bank is expanding its card services through this collaboration in order to better satisfy the demands of its clientele. ATMs at the bank are compatible with both MasterCard and VISA. The confidence shown by the worldwide business partners in the bank is further evidenced by this relationship.
In order to better serve our clients and strive to go above and beyond their expectations, we make investments in our personnel and give them with the resources they need to succeed.
Our goal is to continue to attract and retain the most talented individuals in the industry. While doing so, we train our employees to think and act in ways that will “Empower You,” the consumer. As our team expands, we can confidently expect our clientele to do the same, ensuring mutual success.
A leading international, Islamic, and commercial bank in Somalia, IBS Bank offers a full range of goods and services that are compatible with Shari’ah law. IBS is a regulated financial institution that was established in Somalia in July 2013. (CBS).
CSR and IBS Bank’s Charity Foundation Over the years, IBS Bank’s CSR program has helped those in need. These initiatives have resulted in the establishment of the official IBS Bank Foundation. The organization’s mission is to protect natural resources and improve human well-being.
Micro funding through the IBS. The field of Islamic microfinance is ripe for development. In nations where Islam is the major religion, an estimated 72 percent of the population does not utilize any kind of formal banking. IBS’s microfinance initiative aims to address this need in Somalia. In the coming five years, we hope to help one hundred thousand people.
The vast majority of Somali adults do not have access to a bank account. Every home and business, regardless of their financial situation, deserves access to and the ability to make good use of the financial services available to them.