The players in Somali Stock Exchange are not sitting by the sidelines anymore…
The Somali Stock Exchange (SSE) has just joined The Organization of Islamic Cooperation Exchanges Forum (OICEF) as a corporate member and the move was highly welcomed by the host and prominent members of the club, as they see Somalia as strategic importance to the countries exchange growth.
The Somali Stock Exchange (SSE) becomes the 41st member of The Organization of Islamic Cooperation Exchanges Forum (OICEF). The 57-member states contribute around $6.4 trillion to the world’s gross domestic product (GDP) in 2016 according to data from the World Bank, accounting for 9% of the World’s GDP.
The aim of the OICEF Exchanges Forum is to improve the Islamic financial securities product offering, with a view to learning from one another while providing strategic partnership support to other Islamic exchanges.
Islamic financial securities product offering
Historically, shares in Somali businesses have been bought and sold informally through close networks. However, economists have noted that in recent years, the emergence of various stock exchanges in African states have played a pivotal role in fostering economic and private sector growth plans. The substantial demand for capital is increasing by the day for Somali businesses, consisting of both large firms and SME’s.
According to the latest figures, over 3 billion USD flows into Somalia every year, a large stake of which is aimed solely at business. Liquidity is an essential element of any industry, but it’s impossible to create it without a viable market, which is why the Somali Stock Exchange (SSE) was born.
The Somali Stock Exchange (SSE) is creating an entirely new securities market, where buyers of financial securities can do business with sellers in a more organized, secure and profitable way. Their aim is to create a sustainable securities market in Somalia, where holders of financial securities, bonds and buyers or investors can meet and share in long-term growth.
Murat ÇETİNKAYA, CEO, Borsa Istanbul and current chairman of OICEF Exchanges Forum said: “We are pleased to have the Somali Stock Exchange joining the forum this brings opportunities to Somalia and other member states.”
“It is the perfect time for us to join the OICEF Exchanges Forum as we see the trade relations between member states is growing, Turkey and Somalia is a good example of that and we hope to extend that with other member countries.”Hassan Hudde, CEO of Somali Stock Exchange.
The Somali Stock Exchange (SSE) was founded by the management team of Somali Economic Forum (SEF) whose principle aim is to encourage Foreign Direct Investment (FDI) into Somalia’s growing economy. First shares were traded in September 2015 at the exchange headquarter, making history by becoming the first ever stock exchange to operate inside of Somalia.
SSE exists to drive economic growth for Somalia’s large, Start Up and SME’s companies, transforming the country into a global player and assist companies to manage risk, raise capital and grow local and international organizations.