Wednesday March 12, 2025
Mogadishu (HOL) – The Somali Lower House of Parliament approved the Insurance Companies Bill and the Financial Institutions Bill on Wednesday during a session in Mogadishu.
Both bills were overwhelmingly passed, with 142 votes for the Insurance Companies Bill and 141 votes for the Financial Institutions Bill out of a total of 143 members in attendance, according to the Speaker of the House of the People, Sheikh Aden Mohamed Nur Madoobe.
Somali Minister of Finance, Bihi Imaan Egeh, expressed his gratitude to the House of the People for passing the bills, highlighting their significance for the country.
"I would like to express my sincere gratitude to the members of the House of People who have honorably passed these laws of great importance to the nation. I also express my gratitude to the Finance Committee for its great work in drafting these laws," said Minister Bihi.
Minister Bihi emphasized that the amendments to the Financial Institutions Law would help strengthen the country's financial system and combat terrorist financing. He further noted that the approval of these amendments will enhance the government's efforts to tackle money laundering and terrorist financing, supporting broader initiatives to improve financial security in Somalia.