First reading of Reconstitution Draft of Somali Bank for Reconstruction and Development at house of Parliament was held on 11 October 2013….Some Articles are changed and modified of the previous charter of Somali Development Bank, such as renaming Somali Bank for Reconstruction and Development (SBRD) and Islamic sharia model of finance which Bank will operate.The Islamic Bank system has tremendous spread worldwide having large capital financing of trillions. It is less risky than conventional system. The Islamic financial system is based on divine authority and absolute whereas the conventional system is manmade rule and relative.
Somali Bank for Reconstruction and Development (SBRD) is part of the Government organization working for the interest of the people to prepare programs and projects as well as mobilize financial resources for reconstruction and development with modern international standard. Therefore, in order to achieve these objectives, the bank’s officials have been striving to lie down related programs to international organizations. Among of them are PTA Bank, AFDB, IDB, World Bank and many more organizations that are international. SBRD operates in all sectors of productive investment that generate value addition with positive social, economic and environmental impact aligned both with national strategies and with the Bank’s strategic priorities. The sectors include the following: Agriculture & livestock, manufacturing industry, Fishing, Energy and Water Mining, Tourism and Hotel, Transport and related facilities, Trade, Real Estate, And Micro-finance SMEs.
The Bank has employed expertise’s who are skillfulness by virtue of possessing special knowledge to the area of assignments for the production of viable projects, so that the bank has already planned the implementation of specific projects through the achievements of socially elevation, poverty elimination and anything that may lead to economic growth.
Within short period, the Bank has gathered published data and issued a hard copy of detailed information of the bank’s tangible assets estimated more than 20 Million USD consisting of office Buildings, farms, factories and officers residences, whereas the Bank is using to operate its normal functions to temporary offices within the Central bank’s main building. Bank prepared pilot projects and Researches focusing main productive sector of the Country in clouded Factories, Fishing, Livestock and Agriculture.
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