About Us

IBS Bank is Somalia’s premier global commercial and Investment bank with its headquarters in Mogadishu, the capital city of Somalia. IBS was incorporated in July 2013 and licensed by the Central Bank of Somalia (CBS).

We are Somalia’s premier global investment and commercial bank with an entirely Shari´ah compliant portfolio of products & services. IBS Bank offers full banking services including retail, private, corporate, and investment banking services to their clients. Since its inception, IBS practice international standards for all their product offerings to align the Somalia banking system in line with the international banking system.

Our Vision

To be a leading, innovative and regional Islamic financial institution adhering to the highest sharia principles and international banking standards; leading in the positive transformation of people’s lives in East Africa.

Our Mission

To positively transform peoples’ lives by providing quality Shari´ah-compliant financial services through innovative, efficient and reputable practice

We Empower You

  • Introduction
  • Our Principles
  • Core values
  • Our products and services
  • Corporate Governance
  • KYC & AML
  • Innovation & Technology
  • Our Staff
  • IBS Bank CSR and Foundation

Introduction

Welcome to IBS Bank! Here we will give you an overview of our principles, our mission and vision, the Bank’s brand promise to you our customer, the values that guide the bank, our commitment to best practice and Governance. We share with you our commitment to risk management to establish a sound, solid banking foundation you can trust. We let you know how we anticipate your needs and provide for them through continuous innovations. Our business is very much about people and planet, we therefore share how we engage in activities of giving back to society through our CSR activities and IBS Foundation. 

We currently have ten (20) branches operating within and outside Mogadishu and we are implementing our plans to increase our reach to achieve financial deepening to play a significant role in the development of Somalia and the region.

IBS Bank is a member of the Union of Arab banks and Somali Bankers Association (SBA). The bank was the first to start the usage of the SWIFT code with an IBAN number which is recognized worldwide and thereby became connected to the International Banking System. The Bank is able to execute banking transactions with other banks anywhere in the world.

Our Principles

IBS Bank's two key guiding principles that gives it a solid foundation are:

  1. Conservatism and best International standards
    The bank maintains strict adherence to conservative banking and to international best banking practice.
  2. Operating within the regulatory framework
    In addition to our own conservative philosophy, the bank strictly operates within and observes all the relevant guidelines and banking ratios as set by national and international banking regulatory authorities.
    These principles enable the bank to maintain strong financial base..

Our brand values

IBS Bank strives at  “Empowering You” with the following set of values:

Winning Together – within ourselves and with our customers, we work together and we win together
Transparency – our customers will trust and reward us for it
Humility – it’s not about us, it’s about our customers
Customers Focus - we focus on providing solutions for our customers.
Excellence - we always strive to be better.

The Brand Promise: “We Empower You”

Our products and services

The bank provides a wide range of banking services that are fully Shari´ah compliant. The full range is in Retail banking, Corporate banking, trade finance, forex dealings, Mortgages, Micro finance, Insurance, Investment Finance and different financing (lending) products. The channels used in distribution include branches, ATMs, online banking and SWIFT.

Governance & Management

IBS Bank is led by an experienced team of management reporting to an independent Board of Directors who are answerable to the shareholders. The Shari´ah board provides Shari´ah compliance oversight.

Know-Your-Customer (KYC) & AML

Our Know-Your-Customer (KYC) policy is based on international standards and is strictly adhered to.  The information on customers is always reviewed and updated on regular basis and every customer goes through strict identity check through the due diligence process. IBS Bank has in-place International Standard rules and guidelines to prevent money laundering and terrorist financing.

Innovation & Technology

IBS Bank partnered with MasterCard as the principle acquirer of the card services. It offers a wide range of cards including the most precious World Elite. IBS Bank was the first bank in East and Central Africa to issue Worldelite card. With this partnership, IBS Bank is rolling out more card services to meet the varied needs of customers. The bank operates ATMs that accepts both MasterCard and VISA cards. This partnership is also a clear demonstration of the trust the international business partners places on the bank.

OUR STAFF

We invest in our staff and provide them with necessary support to make them better place to serve our customers and towards exceeding our customers’ expectations.

We aspire to always be an employer of choice within the market. In the process we “Empower our staff with focus to “Empower You” our customers. With the growth of our staff the growth of customers is also assured and together we grow and win together.

IBS Bank CSR and Foundation

IBS Bank has over the years supported needy cases in society through its CSR program. These efforts have blossomed into the formation of a full-fledged IBS Bank Foundation. The foundation is committed to bettering the lives of people, and taking care of the environment.