AAIB Insurance has become the first insurance broker to receive a licence to trade in Somalia.
The company received its ‘Special Permit And Service Certificate Of Registration As A Business’ from the Somali Ministry of Commerce and Industry in June.
The permit means that AAIB is the only foreign insurance broking company able to place insurance business from within Somalia. AAIB already has a representative on the ground in Mogadishu, the capital of Somalia.
While the licence is a source of pride and competitive advantage to AAIB, its implications go way beyond the commercial interests of one company, said William Wakeham, CEO of AAIB.
“Yes this is good news for AAIB. It means we can steal a march on our rivals,” he said. “But the real significance of this permit, is that it is an important stepping stone in the development and reconstruction of Somalia after 22 years of civil war. This is good for Somalia and good for the companies that want to participate in its growth because for the first time they can get insurance cover for their operations informed by intimate local knowledge -as opposed to generic cover written at arm’s length.”
He explained that East Africa generally and Somalia in particular has become one of the most attractive areas in the world for oil and gas exploration. Late last year Somalia announced that it intends to auction 308 newly delineated blocks of oil rights.
“Without people on the ground, insurance companies find it hard to assess risk accurately. Some risks can’t be covered at all and others carry a higher than necessary premium. Now the long slow task of realising Somalia’s inherent wealth can begin in earnest,” he said.
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Isn't Insurance Xaraam?
Secondly the men guarded in Muuqdishu who have been proven to siphon aid funds into foreign accounts have no capacity to execute insurance contracts.
It is merely a scam to steal money!
Buuxiye you're somewhat hipocrit. You use the label of xaraam and xalaal to your own personal advantage.
You're trying to point out that insurance is xaraam, while not long ago you were politicising poor, starved and malnarished children in somalia, and you were using them to laugh at the sutherners. If you can fool some of whom they call themselves somalilanders, you surely can't fool the creator. Man, you can freely express your opinion, but leave religion aside, it doesn't belong to you
Listen Ilyas, Buuxiye just gave his opinion as you have yours. instead of cursing him how about
that you give your opinion how different you see the insurance issue?
Cheers.
Ilays the difference between our countries is that in my country i can question the decisions of the government and if i do not like their behavior me and my people simple vote them out of power!
In your case you neither have any influence nor any say in the matters of your fragmented country. Hassan Mahamoud was SELECTED via QATARI money which made your opinion totally irrelevant and like wise that of your entire people. Your Selected president is in power in your country via Xaraan money as a consequence everything he stands for is xaraan.
Hassan Mahamoud's terms in office will only intertwine you, your country and your people into endless xaraan.
I guess there is no point worrying about insurance xaraan when your country is swimming in xaraan.
you completely missing the point here it's not about moral principles of any individual leader involved here if you live in a western world every one deals with insurance companies one way or the other and it's up to anyone that can do business with them haraam and halaal does not come into question here.pointing out mistakes of others while trying to justify on moral ground is quite hypocritical on your part indeed.political point scoring on flimsy notion,somalilanders are not walking on the same part with parties,elders,commissions,all on each others necks let alone it's one day a rule written and others decide to break what pride is there with people without firm decision?empty tins only sounding in hargeisa nothing else.each and every day ends without accomplishing a single goal no need to play the pride and prejudice game if words could match with actions then the hat could have been removed but unfortunately all somalis and their politicians are all in the same boat and what to even say.
kILLING YOUR MUSLIM SOMALI IS NOT (HARRAM) YOU BORN IN HAARAM BIRTH BECASE OF KILLING IN RAMADAN A HUMAN BEING CREATED BY GOD.
if somalis keep quetioning the ethical principals of western nation it's one step forward one step backwards the somalilanders are worse when it comes to any issues of land rights why can't they even on a much needed infrustracture which is roads?the whole of the somali regions could benefit from new roads becuause the raw materials are readily available ie cement mountains of it ,rocks,they are completely blind to the pressing need and happy to drive in ruined roads all because cerain business individual want to enrich themselves first and put the nation second,this politicians running about and encouraging people to wait for recognition are themselves to blame to.western companeis are not willing to put their money even though they give high hopes of trying to carry out projects that is one of the down sides to doing business in somalia no foreigners will put their hands in their pockets first.somalis are scattered about and waiting while they could easily agree to bring developments to their regions.the berbera cement is a perfect example it is a scandal for a government to agree to demands from a cement exporting company to reject to the rehabilitation of the berbera plant and it is a sham government without power that can allow it's self to be highjacked in that way.
Yes , it is. But can anyone in the government voice his opinion? They are nothing but puppies
Suldans have no place in the modern Somalilander. Promoting Suldans is like promoting FGM..yake!
Buuxiye is the most hypocritical poster have ever seen. If that company was offering insurance in Somaliland, his words would be very different and everyone one this site knows that. Won't miss a chance to demean anything positive about Somalia. I hope all Somalilanders are not like you because. It's folks like you that brainwash an entire society and teach them to hate everything southern. Subxanallah.