Consultation on amendments to Financial Institutions Act (Law No.130) with civil society and finance sector

Mogadishu, Somalia – 07 March 2025: The Budget, Finance, Planning, International Cooperation and Oversight Committee of the House of the People convened a consultative meeting with Somali civil society representatives and key financial actors to review amendments to the Financial Institutions Act (Law No. 130), originally passed on 22 April 2012. The session, chaired by Committee Chairperson MP Mohamed Farah Nur, was held at Villa Hargeisa and attended by the Federal Minister of Finance, Hon. Bihi Imaan Ege, and the Governor of the Central Bank of Somalia, H.E. Abdirahman Mohamed Abdullahi. The purpose was to ensure that the amended law aligns with Islamic Sharia and broader public interest. Civil society representatives, including Prof. Dr. Mohamed Hussein Isse and Dr. Mohamed Abdikarim Ali (Makawi), underscored the need for broader consultation beyond clerics, noting that academia and the private sector will be directly affected. The Minister of Finance acknowledged the concerns and pledged to consider input before advancing the law. The Committee reaffirmed its role as a bridge between government institutions and the Somali public to ensure that financial legislation remains legitimate, faith-compliant, and inclusive.