Recognizing Success

The Iftar was attended by distinguished guests, including the Governor of the Central Bank of Somaliland, Abdinasir Ahmed Xersi, the Director General of the Ministry of Investment, Abdifatah Dualeh, and representatives from the Somaliland Chamber of Commerce. Shuraako’s business clients, many of whom have received investment funding through the program, also participated in the gathering.

Recognizing Business Success

A key highlight of the evening was the recognition of companies that have successfully completed their investment repayment cycles. Speaking at the event, Sahra Hassan, Senior Field Manager at Shuraako, emphasized the program’s role in fostering economic development through impact-driven investments.
“Shuraako began its operations in Somaliland in 2012 with a vision to support local entrepreneurs, create job opportunities, and enhance SME growth. Today, we are witnessing the real impact of these investments as businesses expand and drive economic transformation,” she said.
Cabdiraxmaan Xaashi, Director of Shuraako Somaliland, reiterated the importance of the annual Iftar event, saying:
“This gathering is not just about celebrating business success it’s also about strengthening networks among our clients, facilitating knowledge exchange, and fostering new partnerships. The relationships we build here contribute to the long-term success of Somaliland’s business environment.”

Client Testimonials: The Impact of Shuraako’s Investments

Several business representatives shared their experiences, shedding light on how Shuraako’s investments have transformed their operations. Mustafe Sh. Mohamud, CFO of Allamagan Gums & Resins, highlighted the program’s flexible financing model:
“Before receiving investment from Shuraako, our workforce was much smaller. Today, our employee base has tripled, reaching 150 people. Unlike traditional banks that demand immediate repayments, Shuraako understands that businesses need time to stabilize before repaying loans. This approach has been critical to our growth.”
Similarly, Mohamoud Abdilahi, General Manager & Chief Engineer at AACO Paper Factory, credited Shuraako’s investment for driving environmental and economic sustainability.
“Our investment agreement required us to implement waste management solutions. This led us to launch a paper recycling initiative, creating jobs and reducing environmental waste. Today, we collect waste paper nationwide and recycle it into egg trays, supporting the poultry industry while generating employment,” he explained.

Government Acknowledgment of Shuraako’s Role

The Director General of the Ministry of Investment, Abdifatah Dualeh, underscored the government’s collaboration with Shuraako in promoting investment opportunities.
“Shuraako plays a pivotal role in Somaliland’s economic landscape by financing businesses of all sizes. The success stories we see today—from manufacturing to renewable energy—are testaments to the impact of Shuraako’s work,” he stated.
Closing the event, Central Bank Governor Abdinasir Ahmed Xersi lauded Shuraako’s contribution to economic growth and SME development.
“Shuraako’s investment model, with its low Murabaha rates and long repayment periods, has been instrumental in supporting businesses. Their focus on key sectors like energy and technology is helping drive job creation and innovation in Somaliland,” he remarked.

Looking Ahead

As Shuraako continues to support local businesses, its commitment to sustainable investment remains steadfast. The Iftar event reinforced the importance of partnerships in fostering economic growth and strengthening Somaliland’s private sector. Moving forward, Shuraako aims to expand its reach and deepen its impact by enabling more entrepreneurs to thrive and contribute to the country’s development.