By Abdullahi Salad - Reporter
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MOGADISHU, 1 November 2026 SomBank says it has extended Islamic financing of up to $2 million to Somali fishers, covering the entire fisheries value chain from boats to exports.
CEO Dr. Said Ali Shire announced the financing during the National Somali Fisheries Week conference held on 26 and 27 October 2026.
Dr. Said said SomBank carries out in-depth research before investing. The bank visited coastal areas across the country, from Kismayo to Berbera, Eyl, Bareeda and every place where fishing takes place.
The aim was to understand the entire value chain, including small-scale fishers operating boats, traders who buy fish from them, processors and exporters.
"When we combined that knowledge with our expertise in Islamic financial services, it became easy for us to create specific services tailored to every need Somali fishers have," Dr. Said said.
He said much of the fisheries production showcased at the conference had been financed by SomBank.
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Dr. Said said SomBank is not limited to Murabaha contracts. Its most recent fisheries financing was based on a Bay' as-Salam Islamic contract, under which the bank purchased a company's production for the next six months in advance.
"They received cash, and they are using it to buy fish, oil and cans so they can start their production," he said.
SomBank has also partnered with Hope Labs to create Ijara-based financing for any fisheries company seeking ISO certification, so its products can meet international standards.
"Fish cannot go anywhere without standardisation," Dr. Said said. "It is not only that we finance the poor man buying a boat, the one buying freezers, the one buying a factory and the one doing exports. We have also created financing for quality standards."
Dr. Said noted that a month ago SomBank showcased its work in the healthcare sector. Over the past three years, the bank has invested more than $30 million in healthcare after gaining an understanding of the sector's entire value chain.