Objectives of the session

The session will consider the discussion of the following areas:

 

  • Greater product innovation for better financial inclusion: Financial inclusion refers to the provision of financial services to all segments of society, including the poor, the unbanked, and the underserved. Greater product innovation can help to improve financial inclusion by making financial products and services more accessible and affordable to these groups.
  • Developing more suitable products for the poor: Islamic finance is a system of finance that is based on Islamic principles. It can be a valuable tool for financial inclusion, as it can provide Sharia-compliant financial products and services to the poor and other underserved groups.
  • Product innovation for SMEs, agriculture, microfinance, micro insurance, and unbanked segment: Small and medium-sized enterprises (SMEs), agriculture, microfinance, micro insurance, and the unbanked segment are all important segments of the economy that can benefit from financial inclusion. Product innovation can help to make financial products and services more accessible and affordable to these segments.
  • Adaptation of Fintech: Fintech refers to the use of technology to provide financial services. Fintech can be a valuable tool for financial inclusion, as it can make financial products and services more accessible and affordable to people who are not served by traditional financial institutions.
  • Policy incentives for more risk sharing instruments: Risk sharing instruments are financial instruments that allow investors to share the risks and rewards of an investment. They can be a valuable tool for financial inclusion, as they can help to reduce the risks associated with investing and make it more attractive to investors.
  • Legal infrastructure: A strong legal infrastructure is essential for financial sector development. It can help to protect investors, borrowers, and other stakeholders. It is important to have separate Islamic banking and Islamic capital markets laws to ensure that these sectors are regulated in a way that is consistent with Islamic principles.
  • Session opening remarks:
    • Welcome and introductions by the moderator
    • Keynote address by Chairman of Somaliland Banking Association – Financial expert Khalif Sheikh Omer
    • Keynote address by Governor of Central Bank of Somaliland H.E Ali Abdillahi Dahir
    • Keynote address by the Chairman of Somaliland Insurance Authority H.E Guled Muse Galal
  • Policy brief presentation:
    • Admas University: "Financial Products diversification: Challenges and Opportunities."

 

  • Panelists and Moderator:
    • Omer Haji Hussien, Insurance Expert and Founder of Takaful Insurance in Somaliland
    • Yasin Eweis, Expert in Finance & Banking
    • Abdihakim Mohamed Ismail Banking, Expert in Finance & Banking
    • Noradin Osman Mohamed, Expert in Finance & Banking - Session Moderator
  • Closing remarks:
    • Summary of the discussion by the moderator
    • Next steps for Financial sector development: banking and insurance and digital economy.