By Abdullahi Salad - Reporter
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MOGADISHU, 1 November 2026 IBS Bank has unveiled "Kalluun Kaabe," an Islamic financing service designed specifically for Somali fishers and young people who want to work in the fisheries sector.
The service was presented during the National Somali Fisheries Week conference, held on 26 and 27 October 2026.
IBS Bank Deputy General Chairman Abdirizak Warsame gave an overview of the service, saying the bank was delighted to take part for the first time in the fisheries week, also known as Somalia's blue economy week.
Warsame noted that Somalia has the longest coastline in Africa and that its waters are among the richest in the world.
"Nearly 1.8 billion dollars' worth of fish could come out of this country. We don't guard them, we don't give them medicine, and we don't search for their feed. It is a ready-made resource that God created for us, yet we are not benefiting from it," he said.
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Warsame said the government has prioritised national development, and that the blue economy is a major part of it. In response, IBS Bank has prepared financing designed specifically for Somali fishers.
He said the bank has created a dedicated financing package with a range of options for young people starting businesses, named Kalluun Kaabe.
"Kalluun Kaabe is for young Somalis who want to move away from irregular migration, and turn the sea where they once died into a sea they earn a living from," Warsame said. "Kalluun Kaabe will be their partner and will support them on the investment side."
He added that Kalluun Kaabe is an Islamic financing product with many opportunities and is made up of different components. Applicants can choose the area in which they work or are involved.