The Speaker of the Upper House of the Federal Parliament of Somalia, Mr. Abdi Hashi Abdullahi, today chaired the sixth session of the second meeting of the Upper House.
The agenda for today’s meeting was the first reading of four bills.
1- First reading of the Financial Institutions Bill.
2- First reading of the Income Tax Bill
3- First reading of the Insurance Companies Bill.
4- First reading of the amaendment of Anti-Money Laundering and Countering the Financing of Terrorism Bill.
The Deputy Minister of Finance, Mr. Abdiqafaar Elmi Xaange, explained to the Senators of the Upper House, namely two new bills and two amended bills, highlighting their importance for state building and empowering financial and investment institutions in our country.
Meanwhile, the minister explained in detail the draft bill on Insurance Companies, which is in great need of banks that finance small businesses by lending money to the Somali public so that their businesses can grow. The insurance law allows the Ministry of Finance to supervise insurance institutions/agencies.
