Commercial Bank of Ethiopia Opens First Full-Fledged Interest Free Branch

cbe-logoThe Commercial Bank of Ethiopia (CBE), the largest bank in East Africa, inaugurated its first full-fledged interest-free banking branch on September 7, 2019. CBE named this new branch "Billal", after Bilal ibn Rabah, a figure of Ethiopian descent who is believed to be the first muezzin in Islam.

Bacha Gina, President of CBE, speaking at the occasion, remarked, "I would like to assure you the opening of this special branch, the first full-fledged Interest-free banking branch, is a good testimony that CBE is always committed to meeting its customers’ needs.”

It is to be recalled that CBE earned over $612.46 million in profits in 2018/19, and has a deposit of $18.5 billion


Source: CBE Website

 

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