The Commercial Bank of Ethiopia (CBE) has made the historic decision to open the country’s first-ever interest-free dedicated branch. CBE took the lead in Ethiopia’s banking industry by inaugurating a fully-fledged interest-free banking (IFB) branch dubbed ‘Bilal Branch’ in last Saturday in Addis Ababa that would exclusively operate under Sharia regulation said to have significant importance to answer the Muslim community’s long-standing quest to get alternative banking that suit with their religious teaching.

The Commercial Bank of Ethiopia.

Approached by The Ethiopian Herald, Ethiopian Islamic Affairs Supreme Council Deputy President and Chairperson of CBE’s Sharia Advisory Committee Dr. Jeylan Kedir said that the opening of IFB branches is instrumental in paving ways for Muslim-owned businesses access to loan, foreign exchange and other banking services.

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