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Salaam Bank
The Salaam Bank (SB) is a bank headquartered in Mogadishu, the capital and most populous city of Somalia. Benadir region in South Somalia. Overview Salaam Bank was established in February 2011. As a financial institution, the bank provides personal banking and corporate banking. Its Islamic banking services and facilities include Mudarabah, Murabaha, Musharakah and Istisna'a. Additionally, the bank offers electronic banking, SMS banking, mobile banking and internet debit. In August 2011, the bank also launched an independent (Kaaftoon) service partnering the institution with Golis Telecom Somalia. Services Salaam Bank's personal banking services include current accounts and savings accounts. The current accounts permit clients to pay for utilities through online, mobile, and direct debit orders, receive and wire international transfers, make payments via checks, use the Salaam Debit Card for purchases/withdrawals at ATM and POS locations, and access their accounts online and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mogadishu
Mogadishu (, also ; so, Muqdisho or ; ar, مقديشو ; it, Mogadiscio ), locally known as Xamar or Hamar, is the capital and most populous city of Somalia. The city has served as an important port connecting traders across the Indian Ocean for millennia, and has an estimated population of 2,388,000 (2021). Mogadishu is located in the coastal Banadir region on the Indian Ocean, which unlike other Somali regions, is considered a municipality rather than a (federal state). Mogadishu has a long history, which ranges from the ancient period up until the present, serving as the capital of the Sultanate of Mogadishu in the 9th-13th century, which for many centuries controlled the Indian Ocean gold trade, and eventually came under the Ajuran Empire in the 13th century which was an important player in the medieval Silk Road maritime trade. Mogadishu enjoyed the height of its prosperity during the 14th and 15th centuries and was during the early modern period considered the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wire Transfer
Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office. Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Central bank wire transfer systems, such as the Federal Reserves Fedwire system in the United States, are more likely to be real-time gross settlement (RTGS) systems, as they provide the quickest availability of funds. This is because they post the gross (complete) entry against electronic accounts of the wire transfer system operator. Other systems, such as the Clearing House Interbank Payments System (CHIPS), provide net settlement on a periodic basis. More immediate settlement systems tend to process higher monetary value time-critical transactions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bosaso
Bosaso ( so, Boosaaso, ar, بوصاصو), historically known as Bender Cassim is a city in the northeastern Bari province ('' gobol'') of Somalia. It is the seat of the Bosaso District. Located on the southern coast of the Gulf of Aden, the municipality serves as the region's commercial capital and is a major seaport within the autonomous Puntland state. It has an estimated population of around 164,906 residents (2005 est.). The city has a diverse economy centred on education, government, banking, tourism, aviation, food, clothes, logistics, steel, energy, health care, hospitality, retail and technology. The area's many colleges and universities make it a regional hub of higher education, including law, medicine, engineering, business and entrepreneurship. History The ''Periplus of the Erythraean Sea'' indicates that Ancient Greek merchants sailed to Bosaso, providing notes about the strategic and geographical location of the current Bosaso area, which was known as Mosylon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Of Somalia
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Of Somalia
A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * business entities, whose aim is generating profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy. When a company closes, it may need to be liquidated to avoid further legal obligations. Companies may associate and collectively register themselves as new companies; the resulting entities are often known as corporate groups. Meanings and definitions A company can be defined as an "artificial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Somalia
Somalia is classified by the United Nations as a least developed country, with the majority of its population being dependent on agriculture and livestock for their livelihood. The economy of Somalia is $49.918 billion by gross domestic product as of 2020. For 1994, the CIA estimated it at purchasing power parity to be approximately $30.3 billion. In 2001, it was estimated to be $4.1 billion. By 2009, the CIA estimated that it had grown to $75.731 billion, with a projected real growth rate of 2.6%. In 2014, the International Monetary Fund estimated economic activity to have expanded by 3.7% primarily. This expansion was driven by growth in the primary sector and the secondary sector. According to a 2007 British Chambers of Commerce report, the private sector has experienced growth, particularly in the service sector. Unlike the pre-civil war period, when most services and the industrial sector were government-run, there has been substantial, albeit unmeasured, private investme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Bank Of Somalia
The (IBS) ( so, Bangiga caalamiga ah ee IBS Bank) is an IBS Bank headquartered in Mogadishu, Somalia. Overview IBS Bank began operations on 11 October 2014 in Mogadishu. Its opening ceremony was attended by President Hassan Sheikh Mohamud, along with various cabinet ministers, businessmen, and other invited guests. IBS was incorporated in July 2013. As of March 2015, it is one of six local banks with commercial licences issued by the Central Bank of Somalia. The company is the first international bank in the country in over twenty years. The bank adheres to global compliance, auditing and risk-management standards. It also plans to retain the auditor services of the US-based accountancy firm Deloitte. Additionally, the IBS Bank in March 2015 launched a $10 million public share offering. Investment share tranches were valued at between $500 and $500,000. The public share offer was 10% of the share capital, with an additional 31% percent owned by IBS' founders. Banks based in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Somali Bank
The First Somali Bank (FSB) is a bank headquartered in Mogadishu, Somalia. Overview FSB was established in May 2012 by Liban Abdi Egal. It is the first commercial bank to open in southern Somalia since 1991. An Islamic financial institution, the bank offers personal banking, commercial banking, agency banking, mobile banking and internet banking. It also provides money transfer services to clients. In mid-2012, the First Somali Bank organized its first ever Technology, Entertainment, Design (TEDx) conference. The event was launched to showcase improvements in local business, development and security to potential Somali and international investors. Albert Falck was the first CEO of the bank from January 2012 to end of June 2012. He managed the product portfolio creation and launch of the bank. See also *Central Bank of Somalia The Central Bank of Somalia (CBS) ( so, Bankiga Dhexe ee Soomaaliya, ar, البنك المركزي الصومالي) is the monetary authority o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bond (finance)
In finance, a bond is a type of security under which the issuer ( debtor) owes the holder ( creditor) a debt, and is obliged – depending on the terms – to repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon) over a specified amount of time. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU. Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds, to finance current expenditure. Bonds and stocks are both securities, but the major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Letter Of Credit
A letter of credit (LC), also known as a documentary credit or bankers commercial credit, or letter of undertaking (LoU), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods. Letters of credit are used extensively in the financing of international trade, when the reliability of contracting parties cannot be readily and easily determined. Its economic effect is to introduce a bank as an underwriter that assumes the counterparty risk of the buyer paying the seller for goods. History The letter of credit has been used in Europe since ancient times. Letters of credit were traditionally governed by internationally recognized rules and procedures rather than by national law. The International Chamber of Commerce oversaw the preparation of the first Uniform Customs and Practice for Documentary Credits (UCP) in 1933, creating a voluntary framework for commercial banks to apply to transactions worl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Golis Telecom Somalia
Golis Telecom Somalia ( so, Shirkadda Isgaadhsiinta ee Golis Soomaaliya), shortened to Golis, is the largest telecommunications operator in the Puntland state of northeastern Somalia. It was founded in 2002 with the objective of supplying the country with GSM mobile services, fixed line and internet services. The firm has an extensive network that covers all the major cities and more than 50 districts in Puntland and neighbouring Somaliland. The company has its headquarters in the port city and the commercial capital of Puntland , Bosaso. Golis Telecom has also centers in the main cities and towns of Puntland such as Qardho, Garowe, Hadaaftimo, Burtinle, Galkacyo , Dhahar, Carmo, Baran, Goldogob Hingalol and Bo’ame, Lasanod as well as Erigavo. Other services Golis Mobile offers other services such as ''XOGMAAL''. XOGMAAL enables enquiring, emailing through the mobile, and searching the online encyclopedias and dictionaries as well as search engines such as Google. It also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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