The phenomenal growth of Somali businesses in Kenya’s commercial towns and urban centres is an envy to any would-be entrepreneur or business person.
From the often frequented restaurants in Nairobi’s Central Business District to well-stocked boutiques their business models have created a massive economic touch, which cannot be overlooked.
Behind this upward curve though is a business based on trust, a character trait that has remained elusive in many conventional entrepreneurs, who find it hard to trust their wealth with others, however creative their ideas may be.
Trust, in a good number of the Somali community resonates loudly in respect to raising enough capital among family members and close friends for a profitable venture as well as one that creates an even economic impact in the entire society.
Takaful Insurance Managing Director Hassan Bashir agrees that trust in the community has played an incredible role in fuelling success in their business growth.
“Ours is a business model that is based on trust as shown by the community. Such ventures thrive since it’s founded on the human spirit,” he argues.
The human spirit, he reckons, is one where both the seller and buyer trust that the product is certified and is of good quality. This is not the practice where Nairobi residents and visitors at times buy donkey meat, instead of beef.
Bashir, who is also the chairman to the board of the recently launched Crescent Takaful Sacco, noted that human relationship is largely driven by trust and this is the key concept they hope to build on to grow strong businesses culture.
“I will deal with an individual due to the trust I have and one equally transacts a business with the person he trusts,” he noted.
As a pastoralist community, he says, the Somali has a practice where they give some members a cow in the hope that they will return it. “This is where our trust to transfer capital from one trustworthy individual has been inherited from.”
Being a resilient people, Somalis have prospered because they are willing to take risks and accept smaller profits, which is another factor that has seen their business thrive. Abdullahi Dahir, the director at the Imara Daima Gardens, explains that when it comes to trade, “everyone wants to be very competitive in terms of the pricing factor, so it’s the margin that people are looking for.
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