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Tawarruq as an alternative product for bai al-inah within the Islamic banking system: A case study of Somali Islamic banks

During the last two decades, the Islamic banks in Somalia have experienced growth and expansion in both the financial sector and in Somalia, and banks in particular have experienced great success despite the absence of strict government regulations in the banking industry (Abdullahi et al., 2019; Jibril, 2020; Khadar & Jama, 2016). Despite great advancements, Islamic banks still do not provide the fundamental services required for the expansion of the Somalian economy and society (Jibril, 2020; Khadar & Jama, 2016). Somalia is located in the horn of Africa and has a population of over 18 million that is 100% Sunni Muslim (Department of State, 2020). However, despite being a 100% Muslim country, Somalia was relatively slow to introduce Islamic banking products. It was almost 15 years ago when modern Islamic financial institutions were established in Somalia, However, many of the products that are offered by numerous Islamic banks worldwide have not yet been introduced in Somalia (Mohamed, Isak, & Roble,
2019)

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