Amal Bank: A Pioneer in Local Economic Development

Amal Bank has distinguished itself as a premier financial services company by revitalising  corporate responsibility in Somalia.

Since 2015 Amal Bank has conducted business development training for female proprietors of small businesses in Puntland. Amal Bank organised one of those seminars with USAID and Somali Institute for Development Research and Analysis (SIDRA) last December. “Our role was the work with SIDRA to organise the training to link up female-owned businesses with Amal Bank” said Ahmed Said, the USAID official, who spoke at the training. The training was an opportunity for business women to present their business plans. Amal Bank representative at the venue said the bank would open business accounts for participants and urged them to meet the criteria for accessing a business grant from Amal Bank.  Business plans presented by participants pertain to such different sectors as farming, convenience shops, beauty salons and groceries. Amal Bank extended interest-free business loans to more than 400 hundred businesses owned by Somali women.

Amal Bank representative at the venue said the bank would open business accounts for participants and urged them to meet the criteria for accessing a business grant from Amal Bank.  Business plans presented by participants pertain to such different sectors as farming, convenience shops, beauty salons and groceries. Amal Bank extended interest-free business loans to more than 400 hundred businesses owned by Somali women.

At the 2018 Oxford Africa Conference Amina J. Mohammed, the Deputy  Secretary-General and United Nations stated “African women produce 60% of food, earn 10% of income and own 1% of the assets.”

Amal Bank: Business Grants

In 2016 Amal Bank, ILO and Local Economic Development Forum ran a programme to distribute business grants to owners of small businesses  in Qardho and Garowe.  220 business owners   received business grants. Amal Bank and the Central Bank of Somalia conducted business plan competition for female business owners in Bosaso city.  “The role of Amal Bank in local economic development in Puntland deserved to become a business case study” said Yusuf Ali, a journalist in Bosaso.

© Puntland Post Monthly, 2019

Click here to download a full webzine