Oromia International Bank (OIB), a private financial institution, become the first to implement interest-free banking [Islamic banking] in Ethiopia.

A recent National Bank of Ethiopia (NBE) directive allowed banks to provide interest-free banking service using a separate window along with their other banking services.

 On Thursday, September 16 2013, the NBE granted the first interest-free banking service license to Oromia International Bank.

“We have been the first bank to send our application to NBE to commence the service since NBE issued detailed directives a year ago,” Abi Sano, President of Oromia International Bank, told Capital

“Since our application, we have been carrying out preparations to commence operations, which we will start within three weeks,” he added.

Oromia International Bank was established October 25, 2008 and has 68 branches in Addis and all over the country and has set a target to open an additional 40 branches during the current fiscal year.

Source: Capital