- Amasses over 107 bln. Birr
ADDIS ABABA – CBE Noor banking service has become a game changer in creating inclusive financial institutions and competitive banking industry, the Commercial Bank of Ethiopia (CBE) said.
CBE Noor 10th year anniversary that has been held under the theme: “Successful journey for brighter future” for the last three months with various awareness creation activities concluded yesterday.
At the closing ceremony, CBE President Abie Sano said that the government has given a wider space for interest free banking system that are contributing a lot to the financial institutions and the developments of the country.
The president has also remarked that the free interest banking service would be valuable to improve an inclusive banking service not only to the Muslim community but also for other financial institution’s holistic development and competitive banking industry.
As to Abie, the number of CBE Noor customers has reached 6.8 million and the capital has exceeded 107 billion Birr.
It was also indicated that there are plans to provide loan access to corporates including small and medium enterprises, startups to enhance the private sectors via the system.
During its anniversary celebration, various awareness creation and consultative forums, side events, blood donation among many others were undertaken.
Mentioning the ever expansion of branches especially in the last 5 years, Abie noted that CBE Noor service has been providing the community with reliable service within its 1,939 branches across the country, he added.
The Ethiopian National Bank vice Governor, Solomon Desta for his part stated that interest free banking service is a foundation for facilitating financial inclusion and accessibility, economic development and ensuring equitable beneficiary.
“The service incompliance with the principles of sharia would have of a paramount importance for the country’s economic development, thereby registering a remarkable achievement,” the vice governor pinpointed.
In addition to supporting SMS, farmers and pastoralists, he said, adding that the service would be an opportunity to create stable financial flow, job creation, investment, and attract FDI that backs the economy.
He called on the banking sector to give much emphasis and build their capacity in terms of accessibility, capability and technological advancement that help promote the nation’s economic integration with the global market.
Given the country’s proximity to the Middle East, the service is believed to promote foreign direct investment, he added.
It was learnt the CBE Noor won the award of the most promising Islamic retail banking window in Ethiopia 2023.
At the event, public enterprises such as ENB, MoF, and scholars and other entities that contribute to the development of the interest free banking system are awarded a recognition certificate.
BY ASHENAFI ANIMUT
THE ETHIOPIAN HERALD TUESDAY 27 FEBRUARY 2024
