Daryeel Bank (DB)

a Somali Bank that is licensed by the Central Bank of Somalia (CBS). The Bank is headquartered in Garowe, the capital of the Puntland State of Somalia, with branches in all over Somalia. We work closely with other major operators of the Somali financial industry such as other commercial banks, CBS, and Iftin Group, a larger conglomerate of companies that was established in 2006 by experienced Somali entrepreneurs who are experts in such business areas as the international money transfer (known also as Hawala), real state and related business fields. Iftin Group has a large customer base with more than 300 branches throughout the world. Daryeel Bank is co-founder and co-founder of the Somali Payment Switch (SPS).

Licensing

Daryeel Bank has received full approval from the Central Bank of Somalia and became a licensed commercial bank in April 2018. Daryeel Bank is also Licensed by the State Bank of the Puntland Government of Somalia. The bank started its operations in 2019 in the Federal Republic of Somalia as a full Islamic Bank in the retail banking sector.

Currently, the bank has four fully functioning branches across Somalia in Garowe, Mogadishu, Bosaso and Galkayo, and it is planning to reach the rest of the Somali territories by the end of 2025 with further plans to serve the business community in the Greater Horn of Africa.

Banking Services

Daryeel Bank offers a full range of retail and corporate banking services in compliance with the Shariah principles and other national and international regulations. The Bank provides complete financial services as a fully operational licensed Islamic Bank under the supervision of the Central Bank of Somalia. The chosen banking format is aimed at catering to a broad customer base to benefit from the available banking services and financial inclusion. Daryeel Bank offers key financial products within the Islamic Banking Framework including Mudarabah, Murabaha, Musharakah, Qarad Hasan, Istisna and Ijarah among others.

Technology

The future of the banking industry is inseparable from the fast-advancing financial technologies (Fintech) and the unfolding Artificial Intelligence (AI) revolution. In this respect, to meet the increasing needs of our customers for modern, efficient, and affordable banking services Daryeel Bank has introduced the latest financial products and financial services by taking advantage of the skills of its dedicated technology and innovation teams. In fact, Daryeel Bank was the first commercial bank to introduce QR code in Somalia in 2019.

The YEEL mobile payment platform is only one example of these modern banking services.

Governance

Daryeel Bank is governed by a Board of Directors (BOD) whose members are pioneering entrepreneurs and experts in various fields, who are trusted and well-known within the regional and international financial industry. The owners of the bank are also represented in the BOD of the Bank. The Executive Management of the Daryeel Bank, on the other hand, consists of independent management professionals, with outstanding track record, who are in charge of the smooth running of the operations of the Bank in accordance with the relevant policies, procedures (including international standards such as KYC, AML/CFT) and business plan that were approved by the BOD.