The VP H.E. Abdirahman Abdillahi Ismael Sayli’i inaugurated on Thursday the Premier Bank which officially launched its services hence opened it’s doors to the members of the public.
The bank which joined the local industry on the 24th of December last year hence registered as an Islamic bank is affiliated to the international SWIFT financial operators.
“We are quite happy and the state welcomes the new banking services (Premier Bank) whole heartedly”, said the Vice President.
He said that when Somalilanders circulated money it is good for the national economy.
“The state welcomes all sorts of investments from both compatriots and foreigners”, the VP said.
The VP was however was quick to point out that the so called Islamic banks charrged extremely high commissions hence for it to fledge it ought to reduce it.
He added that conventional banking was a necessity in international development hence SL needs it, however, he cautioned, the usury part “should not be imposed upon any body”.
The Presidency minister Hon. Mohamud Hashi Abdi said that it has always been the objectives of the Kulmiye administration led by the Head of State H.E. Ahmed Mohammed Mohamud Silanyo and his VP H.E. A.A.I. Seyli’i to fledge open and free economy whereby everyone is free to indulge in a business of choice.
An Islamic clergy Sheikh Osman Ali Hussein noted at the ceremony that the bank’s CEO Mr. Ahmed Abdirahman Sh. Bashir sought consultancy from them so as to align the banking operations to the regulations prescribed in Islamic economics.
Mr. Ahmed on his part thanked all those who attended the function which brought about sand together senior government officials, business executives, clerics and associated banking fraternities.
He gave a recup of the facilitaty’s short history before its official launching on the 25th of May 2017 in Somaliland.
It also takes Master and Visa cards.
The bank revealed that it will in the near future establish LC services.
About Premier Bank
Premier Bank is a privately owned Sharia compliant commercial bank incorporated in Somalia in 2013 and licensed by the Central Bank of Somalia in 2014. We believe in the promise of a new Somalia. We all have a role to play in rebuilding Somalia. Together, we can make a difference. It is this philosophy that guides our efforts to help (in our own small way) rebuild Somalia and encourage economic and community development.
Our diverse knowledge of local financing requirements enables us to meet and service the needs of Somalia’s dynamic economy by introducing modern banking practices to the country. We offer comprehensive one-stop financial solutions to our customers who include private and government institutions, corporate and SME businesses as well as private individuals in Somalia.
Our financial solutions offering includes Retail Banking, Business and Corporate Banking, Mobile and Internet banking, ATM Banking, SWIFT transfers, International Money Transfers and so much more.
CORPORATE & BUSINESS BANKING
Off-Balance Sheet Trade Finance
Transactions that have high fee potential. In these transactions, the bank will act as a “Collateral Manager” for various traders and importers. Premier Bank will ONLY focus in the facilitation of financing, without contravening the bank’s policies and guidelines relating to investments and lending.
Small and Medium Enterprises (SME) Financing.
With the IMF and World Bank confirming their commitment to assist Somalia to rebuild its economy, this presents an opportunity for Premier Bank to work with these institutions to finance SME projects in Somalia. This will raise the profile of the bank and boost the confidence of other development partners and future investors.
To assist international organizations set up offices in Somali and in the reconstruction process will be another key market segment under corporate banking.
Registered and Accredited Money Transfer Companies.
The main delivery channel for this segment will be physical branch, enhanced relationship management, robust E-Banking platform and correspondent banking
Premier Bank has identified the following strategic objectives as being central to achieving its mission over the coming years:
Social Responsibility – To contribute to the development of Somalia by supporting industry and trade, thus contributing to and serving the needs of the community/citizens.
Accelerated Growth – To attain viability and sufficient level of profitability to sustain growth.
Service Excellence – To offer transformative products and services that exceed the expectations of our customers and to strive to remain the bank of first choice.
Professional Management – To develop and foster a competent and innovative management team with high standards of integrity and professionalism
Employee Enrichment – To develop a competent and skilled team through continuous comprehensive training programs
Enhanced Stakeholder Value – To constantly strive to protect and enhance its stakeholders’ interest and deliver shareholder value
Customer First – We build relationships. We are professional. We offer excellent service.
Pulling together – We collaborate. We share information. We trust each other.
Transparency – We are open. We are honest. We are guided by Shariah principles.