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The Commercial Bank of Ethiopia has inaugurated the first full-fledged Interest-free banking branch dubbed “Billal Branch” in Addis Ababa on September 7, 2019.
CBE President and CEO Ato Bacha Gina said during the occasion, “I would like to assure you the opening of this special branch, the first full-fledged Interest-free banking branch, is a good testimony that CBE is always committed to meeting its customers’ needs.”
It is to be recalled that subsequent to the issuance of National Bank of Ethiopia directives on Interest Free Banking in 2011, CBE took the initiative to launch the first window-based Interest Free Banking services in Ethiopia, he added.
Ato Bacha further stated that following Prime Minister Abiy Ahmed announcement during an Iftar program expressing his administration’s commitment to allow the formation of Islamic banking, National Bank has issued the directive that now enables CBE to offer exclusive interest-free banking services.
The newly opened “Bilal Special Branch” is well equipped to ensure that customers receive full-fledged interest free banking service at their demand.
CBE has been providing IFB service in more than 1,398 branches across the country through which above 2.1 million customers have been beneficiaries of the service. CBE’s IFB total deposit has surpassed 23.9 billion birr.