Oromia Bank, the first private bank to introduce interest-free banking (IFB) services in Ethiopia, celebrates its 10 year of service.
In 2013, the bank rolled out its first IFB services and as Teferi Mekonnen, president of the bank depicts, “This initiative has opened the door for many Ethiopians who want banking services that are compatible with their religious beliefs and morals.”
As the president pointed out, 43 branches are completely providing IFB while the other 525 branches are providing other banking services in conjunction with IFB.
Over the past decade, the bank has expanded financial services to Ethiopians who follow Sharia principles by reaching more than 1.2 million customers across the country with 5.1 billion birr provided in loan services with 8.2 billion birr in savings.
As reports have shown, the bank has facilitated the coming up of various business through provision of funds which come with no burden of interest.
