Sunday, 12th July 2026 – Mogadishu: The Somali Development and Reconstruction Bank (SDRB) has announced the appointment of an independent Shariah Supervisory Board by its Board of Directors. This milestone follows other significant achievements made by the Bank over the past 12 months – including the appointment of a Board of Directors – designed to build up its governance and operations.

The appointment makes SDRB the first public financial institution in Somalia to establish a Shariah Supervisory Board and accelerates its efforts to ensure that all financial products, contracts and investments are in strict compliance with Islamic laws and principles.

The Board will serve as the Bank’s guardrail for Shariah compliance, ensuring that all financial products, contracts, and investments strictly adhere to Islamic legal and ethical principles. Composed of globally recognized leaders and practitioners in Islamic banking, the Board will also play a central role in advancing product innovation and positioning SDRB at the forefront of financial engineering within the sector.

More About the Board:

Professor Dr. Rusni Hassan (Dean of the Institute of Islamic Banking and Finance, International Islamic University of Malaysia): A Malaysian national, Professor Rusni is a distinguished veteran with more than 30 years’ experience in Shariah advisory and governance. She is a former Shariah Advisory Council member at the Central Bank of Malaysia and has chaired Shariah committees at leading Islamic banks. Her globally relevant work with institutions such as the Development Bank of Maldives aligns directly with SDRB’s mission, combining technical expertise with real-world development finance experience.

Professor Dr. Younes Soualhi (Senior Research Fellow at the ISRA Institute, the International Center for Education in Islamic Finance): An Algerian national, Professor Younes is a global authority in Islamic insurance, capital markets and maqasid-driven finance. He has worked as an adviser to the World Bank and chaired Shariah committees for renowned financial institutions. He also contributed to the development of Somalia’s Insurance Law (2025), the first law of its kind in the country. Professor Younes’s expertise will ensure SDRB’s programs resonate with both local realities and international standards.

Professor Dr. Mohamed Hussein Isse (Tenured Professor of Shariah and Law at Mogadishu University): A Somali national, Professor Mohamed is a renowned scholar and national thought leader. He currently serves as Vice President of the Union of Somali Scholars. He played a notable role in aligning Somalia’s amended Financial Institutions Law (2025) with key Shariah principles. A voice of authority in academia and an active participant in Somali scholarly councils, Professor Mohamed will provide SDRB with essential local expertise, bridging classical fiqh with contemporary governance needs.

“The new Shariah Supervisory Board members are scholars at the frontiers of the global Islamic Banking sector today. Their guidance will strengthen SDRB’s financial instruments and help us design innovative, demand-driven Shariah-compliant products — positioning us as pioneers in the market”, said Jibril Adan, Director of Investments and Project Implementation at SDRB.

The formal appointment of SDRB’s Shariah Supervisory Board represents an important milestone in implementing the SDRB Charter (2014) and the country’s financial regulatory framework, while reinforcing Somalia’s standing in the global Islamic finance industry.