ZamZam Bank Officially Recognised as Ethiopia’s First Islamic Bank

ZamZam Bank has officially received a license from the National Bank of Ethiopia (NBE), the country’s banking regulator, to carry out Islamic banking activities in Ethiopia. The granting of the license on the 12th of October 2020 deems ZamZam Bank as the first officially recogniszed institution in the country to specifically offer financial services and products that comply with Islamic law, according to media reports.

Earlier in May 2019, the Ethiopian Prime Minister, Abiy Ahmed, approved the establishment of financial institutions solely dedicated to Islamic finance. In June 2019, the Central Bank issued a directive permitting the creation of Islamic banks, media reported.

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