The first fully fledged interest free bank, Zamzam bank, announces that it has received a parcel of land from the AddisAbaba city administration to build its headquarters.
On a press briefing given on Friday June 24, 2023, Melika Bedri, Chief Executive Officer of the bank, expressed that based on the letter the bank had submitted to the city administration for request of land, a confirmation of the same was given by the administration for a 4,135 sqm plot of land located at Lideta sub city at the so called finance district around Mexico.
As the CEO explains, the bank has signed a contract with Addis Ababa land administration and has made advance payments for the lease.
The bank announced that it will invite competition of construction companies to start the construction of its world class building in the near future and that it will also facilitate public participation in the design concept of the building to be built.
The headquarters is said to be erected as a 30-storey building with four basements with completion eyed in four years time at a cost of two billion birr.
As things stand, the bank has recorded outstanding performance and has reached a deposit of 4.5 billion birr with the number of branches now at 75. With its assets at 6.7 billion birr, the bank has introduced new waves of banking such as Mudareba investment, diminishing Musharaka, and others which have increased the amount of finance by 4 billion birr.
