PM Abiy Scoops Global Islamic Finance Award

ADDIS ABABA – Prime Minister Abiy Ahmed has received the 2022 Laureate of the Global Islamic Finance Award (GIFA).

The PM recognized with the award efforts made in reforming Ethiopia’s finance sector towards inclusivity.

PM Abiy, along with a high-level government delegation, is on an official visit to Djibouti where the 2022 Global Islamic Finance Summit (GIFS) is taking place.

GIFA was founded in 2011 by Edbiz International Advisors as part of its advocacy for Islamic banking and finance.

Since then, it has been held annually with its top award presented to heads of state or government (or equivalent) for their roles in promoting Islamic banking and finance in their country or globally.

This year, the award was presented to the PM of Ethiopia at the award ceremony at Dijbouti’s Kempinski Palace.

After receiving the award, PM Abiy said Ethiopia has been undertaking vast financial sector reforms which are receiving global recognition.

“Honoured to receive this award for the miles we are going as a nation to make the sector inclusive,” he said in a tweet.

The Abiy administration approved the establishment of financial institutions solely dedicated to Islamic finance in June 2019.

Months later, the central bank issued the first license to ZamZam Bank, opening the gate for the establishment of more Islamic banks in Ethiopia.

Previously, banks have been providing window interest-free banking services.