The joint venture between the two companies, Somalia and Turkey comes after a visit to Turkey by First Somali Takaful and Re-takaful head Mohamed Abdi Mohamed, accompanied by consultant Hilaal Sheikh Osman.
The trip to Turkey was to develop the Islamic Insurance Company in Somalia, enter into a joint venture with the Turkish Insurance Company and establish a Turkish-owned company.
The purpose of this is in order for the Somali community to find a reliable insurance company to provide insurance services, such as Health Insurance, Ticket Insurance and Auto Insurance. The deal was signed between Somali Insurance Company and Turkey, signed by the head of Islamic insurance company Mohamed Abdi Mohamed and Turkish insurance company Arif Hikmet Cesur, a consultant to the Ministry of Finance in Turkey.
The agreement was signed between Turkish Ambassador to Somalia Hon. Abdullahi Mohamed Aideed, officials and businessmen from the Turkish government and officials of the Somali embassy in Turkey.