• To provide finance without collateral
BY MISGANAW ASNAKE
ADDIS ABABA- Zam Zam Bank, Ethiopia’s first interest free bank (IFB), announced that it would build a 30-storey new headquarters in Addis Ababa’s financial district at the outlay of two billion Birr.
The bank’s management gave a press conference recently regarding the activities the firm has done in two years and plans it intends to do.
Speaking at the occasion, Zam Zam’s President Melika Bedri stated that Addis Ababa’s Land Development and Management Office has approved the plot for the construction of the headquarters building in Ledta Sub-City, where the capital’s financial centers are gathered.
The bank’s total deposit has reached 4.5 billion birr and the firm has a 6.9 billion birr total asset. Zam Zam is able to open 38 branches in Addis Ababa and 37 in the rest of the country, totaling more than 75 branches. There is an increasing number of customers and the bank has more than 12,700 shareholders.
“Zam Zam is working to provide services to all sections of the society in accordance with Sharia law. System is being developed to provide close service in all parts of the country. The bank will work to expand its service and reach by providing the full fledged IFB services.”
The president further highlighted that the bank is working for the benefit of society. To this end, Zam Zam is providing finance without collateral.
It is to be recalled that Zam Zam was the first full fledged interest free bank and commenced operation in May 2021.
THE ETHIOPIAN HERALD SUNDAY EDITION 25 JUNE 2023
