Somalia joins Savings and Credit Cooperative Societies (SACCO) space with the registration of the first member owned, Sharia compliant and non-common bond SACCO(Bulsho SACCO) duly registered in the Federal Republic of Somalia to provide financial and social inclusion to the low income but economically active members of the Somali population.
Bulsho envisions to become a leading Sharia Compliant Savings And Credit Cooperative Society (SACCO) in Somalia, through the provision of affordable and quality sharia compliant financial products and services to its members.
The Directors of Bulsho SACCO regard Corporate Governance as key to the success of the SACCO’s business and are unreservedly committed to applying the principles necessary to ensure that good governance is practised in all of its business dealings in respect of its members, partners and other relevant stakeholders.
In the conduct of the affairs of Bulsho Sacco, the members of the board shall exercise the prudence and diligence of ordinary men of business and shall be held jointly and severally liable for any losses occasioned by their wilful acts of omission.
Bulsho SACCO has a Sharia Compliance Committee which strictly supervise that all Bulsho SACCO products and transactions are of strict compliance to Islamic principles of banking and finance.
The Committee also supervises and approves the development of Shari’ah compliant procedures and recommend, as necessary, on administrative decisions, issues and matters that require the Board’s approval.
Bulsho SACCO has its corporate office at: 6th Floor (605), Adani Tower 2, Makka Al Mukarama Road. Hodan District, Mogadishu, Somalia and can be reached via +252 611 301 080 +252 627 222 259 or via email: info@bulshosacco.com
