Ethiopia’s First Shariah-Compliant Interest-Free Bank Opens Main Branch in Addis Ababa for Operations

The first fully-fledged interest-free bank (IFB) to receive an operating licence from the National Bank of Ethiopia (NBE), ZamZam Bank, officially opened its main branch on the 3rd of June 2021, having cemented its position as the pioneer in Shariah-compliant banking in the country.

Why it Matters?

Governor of the NBE, Dr Yinager Dessie, remarked that the opening of ZamZam Bank is a realisation of the Government of Ethiopia’s commitment to building the economy. As financial inclusiveness is a key priority in the current economic reform agenda, the Government has turned to Islamic finance as a major way to attract people who have been underserved by conventional banking to return. Therefore, ZamZam Bank will enable it to be financially inclusive...