IBS Bank

Introduction International Bank of Somalia (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). The bank currently has eight (8) branches operating within and outside Mogadishu and is implementing its plans to increase its reach to achieve financial deepening to play a significant role in the development of Somalia and the region. IBS Bank was the first Somali bank to introduce full banking products & services for both local and international operations (provide link). IBS Bank is a member of the Union of Arab banks. The bank was the first to have started 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. Principles IBS’s two key guiding principles that gives it a solid foundation are: 1. Conservatism and best International standards The bank maintains Strict adherence to conservative banking and to international best banking practice. 2. Operating within the Regulatory Framework In addition to their own conservative philosophy, the bank strictly operates within and observes all the relevant guidelines and banking ratios as set by national and international banking regulatory authorities. These principles enable the bank to maintain strong financial base. Vision To be a leading, innovative and regional Islamic financial institution adhering to the highest sharia principles and international banking standards; leading in the positive transformation of people’s lives in East Africa Mission To positively transform peoples’ lives by providing quality Shariah-compliant financial services through innovative, efficient and reputable practice