The success of Al Furqaan Fishing Center (“Al Furqaan”) over the last decade is a testament to the entrepreneurial skills of its owner who not only manages his own fleet, but also manages four external fishing boats for other owners. To reach its broad base of customers, Al Furqaan established a retail store in the coastal city of Berbera, Somaliland and sells a provision of its catch to a store in Hargeisa, Somaliland. The company faced an obstacle of limited supply due to a de-commissioned boat, which reduced its production capacity by 33%.
Al Furqaan used the investment funds facilitated by Shuraako to restore its fishing fleet and procure cooling facilities. Preservation of catch, both at sea and onshore, has provided Al Furqaan with a competitive advantage, as it increases fish shelf life, and allows for the safe consumption of fish. The investment has contributed to higher sales and expanded Al Furqaan’s staff by 40%.
Shuraako believes in responsible investments that abide by environmental, social, and governance (ESG) standards. Shuraako employs a review and monitoring system to identify and address ESG issues facing each investment.