SEF London - The inaugural Somali Stock Exchange (SSE) began selling its first shares in 1st Sep 2015 at the exchange's headquarters in Garowe, Somalia.The Somali Stock Exchange was founded by the Somali Economic Forum (SEF) in March 2011 which has as its principal aim encouraging Foreign Direct Investment in Somalia and promoting private sector development.The Somali Stock Exchange has already made history by becoming the first ever stock exchange to operate inside Somalia.Historically Somalis sell their shares and invest through the utilisation of familial tie links and through known, close networks. This system of trust is otherwise known as 'Hawala' and has been the foundation of Somalia's multi billion, innovative international remittances sector.The SSE is projected to grow from strength to strength as there is a substantial capital pool available to the Somali diaspora according to Hassan M. Dudde, the Chairman of The Somali Economic Forum. Previously, these diaspora investors would be forced to invest their capital in other markets, such as Nairobi or Dubai. However, with the emergence of the first Somali Stock Exchange, they can now invest and seek capital investment within Somalia's own borders and main urban centres.Currently, in its initiation phase, over 20 firms are already listed on the stock exchange as it aims to attract even more firms in the near future. The SSE complimented its launch with a road show, which started in Bosaso, aiming to expand to the leading commercial cities. The SEE also held its first conference at the Puntland Chambers of Commerce in Bosaso during its launch.Economists predict that the Somali Stock Exchange will expand rapidly due to high levels of demand from the largest Somali firms as well as foreign firms looking to invest in Somalia's ever growing private sector. Also, the SSE is looking to continue its road show with future plans to hold similar investment conferences in Hargeisa, Mogadishu and potentially Kismayo.We at SEF believe that the Somali Stock Exchange will truly allow Somalis to live up to their commercial reputation as traders and business people, thereby connecting Somalis across the world.
Somali Economic Forum in partnership with East Africa Business Network (EABN) is pleased inform you that the first East Africa Islamic Finance Summit (EIFIS 2016), is scheduled for the 17th of February 2016 in Nairobi, Kenya.
This inaugural event has been organized by Somali Economic Forum & East Africa Business Network (EABN) in partnership with GBS Africa and Anjarwalla & Khanna. The event is supported by Regional Governments and in Kenya, through the National Treasury with Hon. Henry Rotich, Cabinet Secretary giving the keynote address.
The summit aims to initiate dialogue, build network between East Africa's financial institutions, policy makers and the Islamic Finance institutions in the region and the Middle East. Experts in Islamic Finance will discuss the development of Islamic Finance in East Africa, explore infrastructure projects in the region and discuss alternative opportunities for project and trade finance for both public and private sector projects.
Speakers and panelists will cover key areas including Regulatory Framework, Regional Infrastructure Projects and Opportunities for financing and Sukuk Issuance, Takaful Market amongst other topics.
Participants will interact and network with senior executives from Private Equity companies, Financial Institutions, Hedge Funds, and Development Financial Institutions from the Middle East with an interest in East Africa.
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