By Staff Writer
Yusuf Abrar, a former governor of the Central Bank of Somalia who resigned in protest against alleged embezzlement of funds by senior government officials, has instituted a new insurance firm in Somaliland.
Abrar, an American citizen and veteran banker believes she has the potential to grow and capture the insurance industry in Somaliland. Having served as a high ranking official in Citibank and American International Group insurance companied, she comes with a range of new expertise that is required in Somaliland. In a country that was almost brought to its knees by civil war, most of its skilled labour force have already left the country, and those currently in the workforce are either semi-skilled or unskilled.
It is also for this reason that the big number of startups established in the country annually end up failing, because of lack of skilled expertise. Though the country has vast investment and job opportunities, the lack of local expertise makes it difficult for such start-ups to thrive. Majority of those who come from the west do not also have the necessary expertise for the job market in Somaliland. For instance, they come and open cafes and restaurants that go under after a while, because they lack local expertise to manage the outlets. Abrar is fully aware of the challenges ahead and is ready to venture into the insurance business regardless of the challenges.
Abrar’s investment in Somaliland has been taken positively, as it will also encourage others to follow the same. An example of such is Edna Adan, a former World Health Organization (WHO) official who used her retirement funds to establish a maternity in Somaliland.
Abrar is also the founder of communication firm called Warsun International in Virginia, USA.
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