FOR IMMEDIATE RELEASE
Mogadishu, Somalia – August 30, 2025 —Bulsho Savings and Credit Cooperative Society (Bulsho SACCO) HAS today announced the launch of Aqoondoon, a new Qardh Hasan (interest-free) Higher Education Loan designed to help children of low-income Bulsho SACCO members access and complete university education.
Under Aqoondoon, eligible students can receive up to $500 per academic year, repayable in 12 monthly instalments with a 30-day grace period. The loan carries no interest in line with Islamic finance principles. Funds are paid directly to universities to cover tuition fees only.
Aqoondoon requires each loan to be guaranteed by both a financial guarantor (SACCO member with stable income) and a certified clan elder, reinforcing repayment discipline while reflecting Somali community values of trust and solidarity.
“Education is the foundation of opportunity, yet too many Somali families cannot afford university tuition,” said Abdulkadir Mohamud Abdi (Hilowle), Bulsho SACCO CEO. “Aqoondoon reflects Bulsho SACCO’s commitment to empowering members, promoting financial inclusion, and demonstrating how Islamic social finance can transform lives.” adds the CEO.
According to Somalia’s Education Sector Strategic Plan (2022–2026), the country faces some of the lowest enrolment rates globally. Household poverty is the main barrier to higher education, with most families relying on irregular income or external support. Aqoondoon initiative directly addresses this challenge by offering an affordable, sustainable financing solution for Bulsho SACCO members’ children education.
Bulsho SACCO has so far partnered with Zamzam University of Science and Technology to offer some selected business courses. The program is expected to benefit 500 students in its first phase, creating a revolving education fund that ensures repayments help finance future generations of learners.
