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Regulatory gaps in Islamic banking in Somaliland

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Date
2022
SDG:
Abstract
The paper aims to discuss the banking sector in Somaliland and examine the current industry's challenges of lack of awareness and proper understanding of Islamic banks as most Somalis are unbanked, Shariah challenges, as there is no Shariah advisory board in the country, the superiority of Hawala and mobile money systems in the country, and finally, weakness of the regulations which can delay their success and development as they are becoming more and more complex technically and logistically. It aims better to understand regulatory gaps in Islamic banks in Somaliland and provides policy recommendations to get intense supervision of Islamic banks in Somaliland. The weakness of regulations will reflect the performance of Islamic banks in terms of Shariah compliance, internal & external controls, and good governance, among others. Finally, the paper concludes the need for legal and regulatory solid as much as well-established CB does. The study underlines making the supervisory authority strong and active with full access to Islamic banks' BOD, management, staff, and records and, if needed to the related bodies to check compliance with internal rules and external regulations.
Keywords
Islamic banks , Regulatory gaps , Somaliland , Project paper (eMIF)
Citation
Abdi, M. Y. (2022). Regulatory gaps in Islamic banking in Somaliland (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/4015
Publisher
INCEIF

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