The first full-fledged interest-free bank (IFB) in Ethiopia, the ZamZam Bank, started its work on Wednesday. This makes ZamZam Bank the first bank to work under the Sharia compliance with no interest rates.

The bank launched its first branched called Alif, in the Wollo Sefer, in Addis Ababa, where present were many high government officials, religious figures and shareholders.

NBE Governor Yinager Dessie at the opening event said that the launch of ZamZam bank is proof of the government’s pledge to create a stronger economy with the help of a concerted action of people that come from various religions. Because of the strong government efforts during the past three years interest-free banks such as Hijra, Huda, Kush, Zad and others are in the process of establishment.

Source: AllAfrica

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