Xawaala Project

[thefuturenow]

Folks, I would greatly appreciate your help for a research project.

 

Does anyone know the largest 5 xawaala companies?

 

I am looking for any information regarding:

 

1) size (revenue, profits, etc)

2) Services (banking? project financing?)

3) Region--(the home base, majority pop. served)

4) Important personalities (CEOs, founders, etc)

 

[Khayr]

Do these companies even keep Financial Statements

and Annual Reports?

 

[thefuturenow]

They have to. These are essentially Somalia's banks.

 

We can't get specific information but I want to know which ones are largest. This doesn't have to formal. For instance, I know Dahabshiil has to be one of the five largest simply because of its brand.

 

So considering that a starting point, which xawaalas are most familiar to you?

[Khadafi]

<cite>

@Khayr

said:</cite>

Do these companies even keep Financial Statements

and Annual Reports?

 

Scary right?

 

Reminds of a Xawaala that everyone invested in and then some guys just robbed it by taking out large amounts of Us dollars in Dubai. Thousands of Somalis lost their life savings, and here we have a chap saying that these xawalas are our banks.

 

I Agree with you that they are a form a bank, they do some bank services like remittance and they are far better on that then western-union but they are far from being a "bank" By the way, What happend to Dahabshiil in the UK? Did not Barclays refuse to work with them and they were therefore under threat to close all xawala offices`?

 

 

 

 

[burahadeer]

<cite>

@Khayr

said:</cite>

Do these companies even keep Financial Statements

and Annual Reports?

 

 

 

yes its prerequisite in the countries they in, i.e they are required to submit every name,addres,telephone number of their daily transactions usually on weekly bases.They get taxed on that.

 

 

 

 

 

 

<cite>

@Khadafi

said:</cite>

Scary right?

 

Reminds of a Xawaala that everyone invested in and then some guys just robbed it by taking out large amounts of Us dollars in Dubai. Thousands of Somalis lost their life savings, and here we have a chap saying that these xawalas are our banks.

 

I Agree with you that they are a form a bank, they do some bank services like remittance and they are far better on that then western-union but they are far from being a "bank" By the way, What happend to Dahabshiil in the UK? Did not Barclays refuse to work with them and they were therefore under threat to close all xawala offices`?

 

 

 

Dahabshil won the case against Barclays and the latter(Barclays) was fined by the court to pay Dahbshil all the expenses he spent during the litigation.

Dahbshiil is definitely the largest Xawala, not only in Somalia but thru out Africa,countries like Ethiopia,kenya,tanzania,uganda,rwanda,S.Africa as far as Nigeria etc.All NGOs,UN etc use him plus the arab world,S.E ASia like Malaysia, Australia and certainly Europe and the Americas.Now he opened banks in Hargeisa,Burao and Jubouti but not sure how effective these are so far.

[burahadeer]

<cite>

@thefuturenow

said:</cite>

Folks, I would greatly appreciate your help for a research project.

 

Does anyone know the largest 5 xawaala companies?

 

I am looking for any information regarding:

 

1) size (revenue, profits, etc)

2) Services (banking? project financing?)

3) Region--(the home base, majority pop. served)

4) Important personalities (CEOs, founders, etc)

 

 

Dahbshiil home base is in Hargeisa and is run by his son(google his name thru DBshil,you find),the founder is the father, think his name is Moh'd saeed but make sure thou,you can call his son ,the CEO and see if any help with revenues,profits etc.You find his email on line and won't be difficult to find his number thru Xawala offices.

Sorry others don't know.

[Miskiin-Macruuf-Aqiyaar]

<cite>

@burahadeer

said:</cite>

yes its prerequisite in the countries they in, i.e they are required to submit every name,addres,telephone number of their daily transactions usually on weekly bases.They get taxed on that.

 

Dahabshil won the case against Barclays and the latter(Barclays) was fined by the court to pay Dahbshil all the expenses he spent during the litigation.

Dahbshiil is definitely the largest Xawala, not only in Somalia but thru out Africa,countries like Ethiopia,kenya,tanzania,uganda,rwanda,S.Africa as far as Nigeria etc.All NGOs,UN etc use him plus the arab world,S.E ASia like Malaysia, Australia and certainly Europe and the Americas.Now he opened banks in Hargeisa,Burao and Jubouti but not sure how effective these are so far.

 

Saas oo ay tahay they are still functioning and dealing in their business like sidee ahaayeen in '90s when they were a minor player, at least here in Koronto, Kanada. No horumar whatsoever. Not even geesmar, but darn gadaalmar.

 

Their headquarters in this city is still their crumbling, decrepit second floor old dirty dilapidated plaza at Weston and Lawrence. No detectable renovation whatsoever in 15 years. Cariiri walaa wasaq, and yet they transfer thousands of dollars a day. Few months ago while there sending some xawilaad, isheyda ayaa qabatay waraaq meesha saarneyd ku qorneyd 'daily transactions' that had the balance of $14,000. That is close to a minimum of $100,000 a month in a slow month, a mininum of five million dollars passing a year in that ramshackled 'office,' which is the busiest in Toronto.

 

And yet ilaa iyo hadda wey dayactiri la yihiin si weyn ka ahayn repainting once few years ago. Haba sheegin inay meel weyn kale u guuraan, which their business requires as it outgrew long ago where they are. It is practically still the same since 2000, the first time I used at least and they probably located in the same cariiri space in '90s. Xataa jaraanjarada aad u koreysid madaxa ayaa darbiga kor ku dhufsanee because how low it is. Forget about it is dirtiness and its dated carpet. (And did I mention how rickety it is?) Granted they don't own the building, but they can move to a larger space found all around in their area.

[burahadeer]

^^ Concur they lagging behind in innovation.

[thefuturenow]

Burahadeer---thank you. It was easier to find information on Dahabshiil than:

 

Amal

Kaah

Tawakal

Hodan Global

 

These seem to have the most commercials and ads on Somali websites.

 

Does anyone know anything about them?