Photo: Credit Sombank By Alex Hamilton Somalia-based Sombank has selected a cloud-based deployment of the Temenos Islamic banking solution. The bank plans to implement the full front-to-back Temenos platform, which combines Temenos Infinity and Temenos Transact. Temenos claims its “scalable innovative technology” provides “superior features” for Islamic banks to offer their customers Shariah products. Founded

FILE – In this Thursday, April 30, 2020 file photo, a woman wearing a mask to protect against coronavirus, rides a bicycle past a job centre in Shepherd’s Bush, as the lockdown to curb the spread of coronavirus continues, in London. The U.K. economy has officially fallen into a recession after official figures showed it

Seismic research vessel continues exploration of country’s southern coasts In the face of efforts by Greece, the Greek Cypriot administration and Egypt to limit Turkey into its mainland, Ankara has announced it would respond by continuing exploration activities in the Eastern Mediterranean with its seismic research vessel, the MTA Oruc Reis. Turkey has accused Greece

Somalia expects to announce the winners of its first oil and gas licensing round early next year, as the country seeks petro dollars to help rebuild its struggling economy, a senior government oil official said on Wednesday. Battered by violence and an Islamist insurgency since clan warlords overthrew a dictator in 1991, Somalia is offering

Photo/Somali Times China getting fishing rights in the fragile state of Somalia has been of grave concern especially with regards to the plight of local fishermen and stocks but the fisheries minister Abdirahman Ahmed has assured that all is well. According to him, up to 24 nautical miles (44km) off the coast are reserved for

A well head and drilling rig in the Yarakta oilfield, owned by Irkutsk Oil Company (INK), in the Irkutsk region, Russia, March 11, 2019. REUTERS/Vasily Fedosenko/File Photo MOSCOW (Reuters) – Russian oil and gas condensate production increased to 9.37 million barrels per day (bpd) in July, Interfax news agency reported on Sunday, citing energy ministry

By Ed Reed Somalia’s cabinet has approved the members of the Somali Petroleum Authority (SPA). The government has appointed Ibrahim Ali Hussein to serve as the SPA’s chairman and CEO. The Petroleum Law set out the role of the SPA as the government’s regulator. It has the aim of acting in the interests of “all

In this June 1, 2020, file photo, waiters prepare the terrace of a restaurant in order to respect distancing measures in Paris as France gradually lifts its lockdown due to the coronavirus. France’s economy shrank by nearly 14% in the second quarter when the country was in coronavirus lockdown, a third consecutive quarter of negative

Currency trader watch computer monitors near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Thursday, July 30, 2020. Asian stocks advanced Thursday after the U.S. Federal Reserve left interest rates near zero to support a struggling economy. (AP Photo/Lee Jin-man) Global markets and

Prices and rent of high-end houses have dropped on reduced demand as expatriates flee from Kenya due to Covid-19 in the six months to June in a period that also saw demand for business and office space reduce. Half year report released Wednesday by Knight Frank shows that prices of prime residential houses in places