Somaliland - Interest free but not yet Shari’ah-compliant economy, in New Horizon (2007), October-December (Shawwal-Dhu Al Hijjah).
Having survived a civil war and living in international isolation, Somaliland, a de facto independent state in the territory of Somalia, is gradually developing its financial sector. The banking services are interest-free in this entirely Muslim republic. But does it mean they are Shari’ah-compliant? Renat Bekkin, PhD in Law, senior researcher at the Institute for African Studies of the Russian Academy of Sciences, reports.