The first Interest-Free Bank (IFB), ZamZam Bank (ZZB), has received a green light from the National Bank of Ethiopia (NBE) after 13 years in restless efforts.
The bank was a pioneer when it started its activity in 2007 after the government had shown interest in allowing the bank to operate under the Islamic Banking principle. However, this was short-lived when the government enforced that interest-free banking will operate alongside conventional banking. This decision was not conducive for the founders of the bank who wanted to only run an interest-free bank. This led the bank to refund the collected sum to its share buyers.
On the upside for the bank, the government for the past two and a half years had been undergoing political reform. The government has now allowed its citizens to invest in fully-fledged IFBs. This had re-sparked the interest of ZamZam Bank which recently commenced its activities under formation by collecting huge amounts of funds in a short time.
ZamZam has now received its license from the regulatory body, NBE. This will make ZZB the first Interest Free Bank in the country. According to the information that Capital obtained from NBE, the regulatory body will officially award the license to ZZB on Monday 12, October 2020.
While the bank declined to comment on the issue, it is crystal clear that it will commence operation in the near future. The bank boasts a shareholder’s base of 11,200 and a subscribed capital of over 1.7 billion birr.
ZamZam Bank receives license as Ethiopia’s first IFB
INCREASED INCOHERENCE
States and their innate manipulative behaviors, almost always at the service of capital, are at the core of the current overwhelming incoherence that obtains in the nation-states of the modern world system. To systemic analysts/operators economic, social, and political incoherence has become dastardly unmanageable on the world scale. Of course, this phenomenon might not be visible to the gullible sheeple (human mass), but that doesn’t make it any less tolerable, particularly to those sensitive/concerned citizenry of the world. Luckily, there are indications to suggest the bosses of the global order might have finally recognized the comprehensive danger that is threatening the world order, which of course is the existing lopsided globalization!
To this end, the DS (deep state) has been working overtime to come up with proposals and actions that might be convincing, both to the privileged insiders as well as to the marginalized outsiders. As this project is still inchoate, one cannot pass considered judgment as to its potential veracity or sustainability. To recall; our definition of the DS (Deep State) is the amalgam of the military-intelligence-industrial-banking-media-complex. The world economy has been in intensive care since at least the last ‘mini’ credit crisis. We say ‘mini’ because no global economic regime of fiat currency has ever managed to go through a complete credit cycle in the history of organized humanity/civilization, without economic social collapse. This is obvious because; within the prerogative of the phony money system (fiat monetary regime), value will ultimately be delivered in currencies that sport plenty of zeroes with no purchasing power! Think German’s Weimar Republic, Zimbabwe, Argentina, etc. or in the words of one of the founders of the ‘Austrian School of Economics’: “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” Ludwig von Mises.
Are the bosses of the system leaning towards the ‘abandonment of further credit expansion’ project, a la Mises, to stave off sudden global economic demise? Is the current project of shrinking the existing world economy, under various guises, part of this ‘abandonment’ project? Can the ‘Reset’ project stop the accelerating global collapse? Only time will tell. In the mean time, printing trillions in a global economy that is physically locked up might not be all that inflationary, as the velocity of money (in this case) is effectively zero! In this regard, the current behavior of the five eyes is somewhat telling, save the hegemon. The 5Is are USA, UK, Canada, Australia and New Zealand. It seems the 4Is are at it again, reinforcing draconian measures on the account of the declared pandemic. They are resorting to the good old irrational fear as an effective tool to freeze economies. Unlike the other 4Is, however, the hegemon is not homogeneous, in more ways than one. Other countries that are highly dependent on the DS have followed suits. For example, the wretched countries of Africa are sheepishly implementing directives from the DS, without hardly any debate whatsoever. Don’t forget; the banking component of the DS includes the major banking organizations of the world system; BIS, IMF, WB, ECB, etc. By the same token, the media component of the DS includes Google, Twitter/Facebook, Netflix/Hollywood, etc.
Elsewhere on the planet, where the DS is not deeply entrenched, like Scandinavia, the handling of Covid-19 was mostly based on solid science, rational management and prudent politics. Sweden, Denmark, Netherlands are examples where responsible pro-people approach to problem solving was visibly displayed. Tanzania in Africa has also become an exception by pursuing policies that are more or less similar to the Scandinavians! Belarus was also in this camp until color revolution hit it smack on its face, so to speak. Concerned citizens in Germany have also started a movement trying to force the government to set up an independent commission of enquiry about the whole lockdown/pandemic episode. The incoherence about the pandemic even within the OECD (rich countries) is so astounding it is defying the very logic and modus operandi of the prevailing empire. When genuine science is visibly undermined by the politicized cadres of the ‘paid science’ community (a good portion of academia) including the once prestigious institutions of enlightenment, one must suspect that something is really out of sync within the inner workings of the global order!
The political incoherence, particularly within the hegemon is probably unprecedented. The White house is openly confronting the most secretive element of the DS, namely the intelligence community, with abandon. See the article next column. The major countries of the EU are also having second thoughts about the whole union (EU) project (Brexit might only be the harbinger). European political parties, with aspirations that are in direct conflict with the European project, are coming to the fore, despite protestations by the old guards comfortably sitting in Brussels. Cultural and social incoherence are now a dime a dozen, not only in the USA and UK, but also elsewhere in Europe! All these incoherence need resolutions, acceptable resolutions, otherwise chaotic collapse will only accelerate! Granted, the operating word is now ‘Reset’, but the question still remains; will the ‘Reset’ project deliver what the global sheeple is craving for (health, peace/no wars, ecosystem sustainability, etc.) or will it stick to the old model of serving only the interests of the parasitic elites? The future of current civilization is hanging in the balance. Following is an epitome of the ongoing political incoherence. Here is the most powerful man on the planet sparring, or is it more like pleading, with the formidable DS.
“All Russia Hoax Scandal information was Declassified by me long ago. Unfortunately for our country people have acted very slowly, especially since it is perhaps the biggest political crime in the history of our country. Act!!!…….
I have fully authorized the total Declassification of any & all documents pertaining to the single greatest political CRIME in American History, the Russia Hoax. Likewise, the Hillary Clinton Email Scandal. No redactions!…….
So I had to constantly fight off all of this Scum, achieve more than any other President in First Term, and then they talk Chaos. They created crimes against me and this administration”! Donald Trump. Good Day!
Little known company offers least bid
Little known company has just offered the lowest price for the supply of 80,000 metric tons of wheat on the bid conducted by Public Procurement and Property Disposal Service (PPPDS).
The bid that was opened about a week ago has invited interested bidders to supply the grain to three warehouses located at Adama, Dire Dawa and Kombolcha.
The grain will be bought by the Food Security Coordination Directorate of the Ministry of Agriculture for Rural Productive Safety Net Program and the bid shall be facilitated by PPPDS, which is responsible in the undertaking of huge federal government’s procurements.
According to the bid document from the total 80,000 metric tons; 26,000 metric tons shall be delivered to Adama Central warehouse, 30,000 metric tons to Kombolcha and the remainder 24,000 metric tons to Diredawa Central warehouse.
Nuhizy Alrfay Mohamed, Promising International Trading Co, Ameropa AG and Falconbridge Resources have participated and offered their rates for the supply of the grain.
Excluding single bidders, the rest gave different rates based on the destinations of the warehouses.
In the stated order, Nuhizy Alrfay Mohamed, which is a little known company surprisingly offered the least bid. The company offered a similar price of USD 342.1 per ton for grain to be transported to all the three warehouses. In total, the company has offered USD 27.36 million for the 80,000 metric tons.
Promising International Trading Co of Dubai has offered USD 351.7 per ton for wheat that will be transported to Adama, USD 349.95 per ton for the destination at Kombolcha and USD 340.95 per ton for Dire Dawa warehouse, which is closer to the sea port.
In total, promising, which has been involved on the wheat bid in the past, has offered USD 27.82 million to supply the product.
Ameropa’s offer for wheat that shall be delivered to Adama was USD 356.37 per ton, USD 351.37 per ton to Kombolcha warehouse, and USD 341.37 per ton for Dire Dawa warehouse. Its aggregate offer was USD 27.99 million for the 80,000 metric tons.
Falconbridge Resources has offered the highest in comparison to the stated three with an aggregate offer of USD 28.37 million.
The company has tabled USD 361 per ton for the product to be available at Adama, USD 356 per ton to Kombolcha, and USD 346 per ton at Dire Dawa.
Nuhizy Alrfay Mohamed seem to be the likely candidate to win based on lowest bid offer, but since the procurement is financed by the World Bank after finalization from PPPDS, the World bank will evaluate and weigh in on the final approval.
The bid was opened on September 30.
PDC to finally table its development plan
Planning and Development Commission (PDC) disclosed that the ten year development plan will be tabled to the Council of Ministers by the end this month.
The Ten Year Perspective Development Plan is the long term economic and social development plan set to register tangible achievements in the coming decade.
The commission, which is the higher body in-charge of mobilizing, managing and implementing the plan had targeted to commence its public consultation with stakeholders in March but was faced with a set back by the Covid-19 pandemic.
In spite of the setback, the commission went forward with its consultations through different platforms including direct meetings with different stakeholders and political parties in recent months.
Fitsum Assefa, Commissioner of PDC, disclosed that the ten year plan would have 10 pillars set to achieve its targets. This plan will be tabled to the Council of Ministers at the end of October or the first week of November for evaluation which will later be followed by approval for implementation.
She remarked that even though the ten year plan had not received ratification by the council, public offices as from the onset of the budget year {July 2020} had designed their year’s target with respect to the framework of the ten year plan.
“The public consultations have contributed significantly in the inputs towards the development plan. Initially the plan had six pillars but a further four have been added from quality inputs provided at the consultations,” Fitsum said.
Covid-19 not only delayed the consultation but also redefined the commission’s strategy. “In every plan we are forced to redefine our targets. For instance we gave emphasis on technology and innovation, research and development, and development of a resilient system,” she added.
The ten-year Perspective Development Plan will be different from past similar plans. This is because this development plan looks at failures from the past and uses its setbacks as stepping stones for a better growth. For the past two years, 12 different studies have been conducted as an input for the ten year development plan.
Sectors augmented by PDC have also been engaged in coming up with their own plan in alignment to the development plan. To this effect, several discussions with stakeholders from every sector were undertaken from inception level to drafting the ten year development strategy.
Fitsum vocalized that basic infrastructure development which was also part and parcel of previous plans is still at the heart of the ten-year plan.
“The ten year plan will also give priority to expand productivity in the agriculture and manufacturing industries sector to fill the growing demands,” she keenly expressed at the press conference held at Hilton Hotel on the 8th of October, 2020.
She emphasized that quality economic growth and fair distribution of growth are crucial for the public. In order to realize this goal, PDC has introduced a Monitoring and Evaluation System to centralize the evaluation and performance of federal offices in the first quarter of the budget year.


