News and Events
KIMS has announced the opened of its new branch at Kismaanyo City in South Somalia
On Thursday, 26Th November 2015, Kaah Express in Kismayo office and Kaah Islamic Microfinance Services (KIMS) launched the opening ceremony of its office in Kismayo Town. It was a great development for many of the middle and lower class family to witness the launch of the opening ceremony of Kaah Islamic Microfinance Services (KIMS) in Kismayo.
Kismanyo residents appreciated the launch which will facilitate microcredit based on Islamic principles. KIMS provides Murabaha which has become an effective tool for most of the small scale traders in Somalia.
Sixty guests were participated the event from Jubbaland Chamber of Commerce, Jubbaland Youth Association, Jubbaland Women Association, Kismayo University, Lower Jubba University, Deputy Commission of Lower Jubba in the side of Public Relations, the Head of Salaam Somali Bank Kismayo Branch, Shaqodoon, representatives from traders in Kismayo, religious leaders, community elders, and various small scale traders were invited into the launching ceremony.
Especial key speakers at the ceremony were Mr. Abdullahi Sheikh Mohammed (KAAH Express Kismayo Branch Manager), Mr. Mukhtar Sheikh Ahmed (Vice Chairman of Jubbaland Chamber of Commerce), Khadar Ali Haraare (Salaam Somaali Bank Branch Manager), Abdukhadir Sheikh Mohammed Hikam (Head of Kismayo University), and Abdi Bare (Deputy Commissioner of Lower Jubba in the side of Public Relations).The ceremony was officially opened by Mr. Abdullahi. He welcomed and thanked the honorable guests for accepting the invitation for this endeavor. He handed over to Mr. Muthane (KIMS Kismayo Branch Manager) to delve deeper into the program and elaborate it to the community. Mr. Muthane elaborated the Islamic Financial initiative to the guests. The new service was an opportunity for the poor, underprivileged and un-bankable people that have not had financing services since the collapse of the central government.
The program was KIM’s endeavors for promoting microfinance and financial inclusion in the country. These efforts have undoubtedly assisted in broadening of financial services access to the lower and middle class in other parts of the country and now it was the turn for Kismayo and entire Jubbaland Community to take advantage of the program.
KIMS saw the role of Islamic microfinance as pivotal for inclusive and sustainable economic growth, livelihood creation, and grassroots level development. Even though KAAH Express just started the microfinance services in March 2013, it has fully fledged its muscles to various major towns in the country such as Hargeisa, Borame, Bossasso, Burco, Beletweyne, Mogadishu, and Kismayo. The service has emerged as beacon of financial liberty outpacing the early livelihood programs introduced by INGOs and LNGOs in the region. KIMS has a well-recognized legal and regulatory framework for microfinance based on Islamic Principles.
The small scale traders have welcomed and praised the new financing initiative adopted by KAAH Express for launching the financial sector strengthening. Lack of adequate financing options and weak coordination among the various traders are indeed the factors inhibiting the growth of microfinance sector in Kismayo and Somalia at large. Most of the guests mentioned that the initiative taken by KIMS to overcome these constraints is therefore both timely and appropriate. KIMS is placing microfinance in the overall context of the effort to expand the outreach of financial services and help the goal of poverty alleviation in the country. It is encouraging the provision of credit to small and medium scale traders through Murabaha.
KAAH Express believes that this is the only durable basis through which the poor can benefit from the Islamic financial package made available to them. KIMS has decided to adopt an all-inclusive approach where thousands of small and medium scale traders can take advantage of the promotion and spread of microfinance in Somalia.
Finally, the ceremony was closed by Mr. Abdi Bare who congratulated the courageous initiative taken by KIMS in helping the youths and women through t he entrepreneurship.