about Barwaaqo SACCO
Barwaaqo Savings and Credit Cooperative Society Limited is a pioneering financial institution in Somaliland, notable for being the first Sharia-compliant and member-owned cooperative. Established to enhance social inclusion, Barwaaqo SACCO aims to provide financial services tailored to low-income individuals.
Barwaaqo SACCO was founded with the vision of addressing the financial challenges faced by marginalized communities in Somaliland. By focusing on Sharia-compliant practices, the cooperative ensures that its financial products align with Islamic principles, making them accessible and acceptable to a wider audience.
Barwaaqo SACCO was established in response to the pressing financial needs of low-income individuals in Somaliland. Recognizing that traditional banking systems often excluded marginalized population, the founders aimed to create a cooperative model that would empower these communities through innovative financial solutions.
Our Statement
Barwaaqo Savings and Credit Cooperative Society Limited is a pioneering financial institution in Somaliland, notable for being the first Sharia-compliant and member-owned cooperative. Established to enhance social inclusion, Barwaaqo SACCO aims to provide financial services tailored to low-income individuals.
Vision
Where people with low income in Somaliland can access financial services that best suits their situation
Mission
Barwaaqo SACCO will purposes to provide accessible, affordable and quality sharia compliant savings and credit products.
Values
Barwaaqo SACCO is committed to ensuring open communication and clarity in all operations.
Core Values
Transparency
Ensuring clear communication and openness in all operations, allowing members to understand the decision-making processes and the organization's financial status.
Accountability
Holding all members and leaders responsible for their actions and decisions, fostering trust and integrity within the organization.
Efficiency
Striving to maximize resource utilization and minimize waste, ensuring that services and products are delivered effectively and promptly to members.
Prudence
Exercising careful judgment and foresight in financial management and decision-making to safeguard the interests of members and ensure long-term sustainability.
Compliance
Adhering to all relevant laws, regulations, and ethical standards, ensuring that the organization operates within the legal framework and upholds its commitments to members and stakeholders.
Our Principles
Voluntary & Open Membership
The members are the most important part of Barwaaqo SACCO. To gain such a group of individuals, Barwaaqo SACCO will remain open for voluntary membership opportunities for all without discriminating anyone based on gender, social status, race, political affiliation, or any other personal details. As long as individuals are willing to follow the core principles and values of Barwaaqo SACCO, they can become members.
Democratic Member Control
Barwaaqo SACCO is founded on the ideals of democracy. Every member plays an integral role in making decisions that affect the organization as a whole. Barwaaqo SACCO makes crucial choices, adds or reforms policies and elects new representatives as a group. All of the members have equal voting rights, with one ballot per individual, and elected officials hear every person’s voice. Barwaaqo SACCO is member owned, member led organisation.
Members’ Economic Participation
To maintain fairness in all areas of Barwaaqo SACCO, members need to contribute equitably to its economy. They should also maintain democratic control over the collected capital. A portion of the capital is considered the property of the organization.
Autonomy & Independence
While each member has their own freedoms within Barwaaqo SACCO, the organization itself is also an autonomous and independent entity. The members of Barwaaqo SACCO determine everything it does, which allows the organization to function independently. The Barwaaqo SACCO needs to be self-sustaining for each member to be able to exercise his or her freedoms within the structure.
Education, Training & Information
To run a successfully SACCO, promoting and spreading education is a necessity for all. Every member has to be well informed about the way they operate, their purposes and the responsibilities of each person. Members, employees, managers and elected officials all need continual training as Barwaaqo SACCO evolves and changes over time. If they are well versed in the organization’s policies, regulations, values and principles, they’ll all be able to contribute more effectively to its developmen
Cooperation Among Financial Cooperatives
While Barwaaqo SACCO is independent from other SACCOs, there is an absolute need to work together harmoniously. Creating a larger network of financial cooperatives — locally, regionally, nationally or even internationally. This allows Barwaaqo SACCO to better serve its members. Each financial cooperative brings its unique abilities and contributions to the table, and they function with more strength as a unit.
Concern for Community
Barwaaqo SACCO focuses on its internal communities, but we are also concerned with local communities outside of the organization. Barwaaqo SACCO will keep community concern at the heart of its policies and programs.