The world is experiencing a dynamic change in the field of financial policies and practices, leading to the emergence and growth of Islamic financial sector in all parts of the world, particularly in the Asian, African and European countries.
Somalia among these countries has played a major and leading role in the implementation of Islamic financial system in its banks and all financial transactions in which Somalia takes the position of number one in this sector throughout the East African Nations.
Since the Islamic banking sector in Somalia has shown a sharp growth in the last decade, but the information regarding to this sector to the world of its counterparts has never been enough or even be shared among the other Islamic financial institutions in the world
Somali Islamic Finance Professionals Association- SIFPA is a professional body formed in Mogadishu by Islamic finance professionalists on 15th January, 2016. The idea of formation of this association was behind by Somali professionals in Islamic finance and banking after the demand of independent body that watches over the activities of the financial institutions from the Somali Community was too high. SIFPA is a forum where the Islamic finance experts meet and produce accounting and audit standards and shariah approved principles and standards in Somalia. SIFPA is an organization that guides the prevailed financial and nonfinancial institutions in Somalia through Shariah compliance and screened Islamic financial instruments. SIFPA is a non-for-profit entity that is engaged in developing unified Islamic principles and standards from the different views of Islamic Schools (Madahib) by reducing the risk of shariah noncompliance or failure in shariah application by the Islamic banks, Takaful and Waqaf institutions in our country. SIFPA is an independent body different from governmental and private profit seeking financial institutions in the country. It can give consultancy to the Islamic financial and nonfinancial institutions like Islamic banks, Takaful and Retakaful in the country.