ADDIS ABABA – The Development Bank of Ethiopia (DBE) launched an interest-free investment financing service based on Sharia principles named DBE-TA’AWUN.
The new service was launched in the presence of Ethiopian Islamic Affairs Supreme Council Vice President Sheikh Abdulkarim Bedredin and State Minister of Finance Eyob Tekalegn on Thursday.
DBE President Yohannes Ayalew (Ph.D.) said the newly launched interest-free banking will offer customers additional options to access services currently available in all branches.
The bank currently offers a range of development credits through its 100 branches across the nation.
“The new service will provide interest-free banking financial loans for customers who engage in agriculture, agro-processing, manufacturing, mining, and tour operator areas,” Yohaness said.
DBE is one of more than 30 financial institutions in Ethiopia and has seen its capital rise to 38 billion from two Billion Birr four years ago. The total deposit of the bank grew from 80 billion to 160 billion Birr in the same period.