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Oromia International Bank S.C. (OIB) has signed an agreement with the Islamic Affairs Supreme Council(IASC) to provide an interest-free savings account called ‘’Waddi Labbiak’’ for Muslims going on pilgrimage.
The account will allow Ethiopian Muslims to deposit money in savings for their Hajj and Umrah pilgrimages, according to a statement issued following the signing of the agreement. Under the arrangement, the Oromia International Bank will give money in interest-free credits for depositors whose savings would otherwise not be enough to pay for travel to the Holy Land for the pilgrimage. Sheik Kiyar Mohammed Aman,President of IASC said, “the saving system encourages more Ethiopian Muslims to go to Mecca.” Established in 2008, the OIB is the first private bank to implement interest-free banking in Ethiopia.