The Somali Stock Exchange (SSE) has just joined The Organisation 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 Organisation 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.
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 organised, 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”
Hassan Hudde, CEO of Somali Stock Exchange Said:
“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”
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