The Commercial Bank of Ethiopia has introduced a new interest-free deposit saving service called Lebbeyk Mudarabah which is designed to help Muslims save for their Hajj or Umrah pilgrimages.

The service was launched at an event yesterday, where CBE Interest Free Banking Vice President Nuri Hussein spoke about the bank's commitment to providing services that meet the needs of the Muslim community. The bank has been providing interest-free banking services for over 10 years, and the Lebbeyk Mudarabah service is the latest in a series of products and services that have been developed to meet the needs of Muslims.

The Lebbeyk Mudarabah service is available at all CBE Noor branches and at select CBE branches. Customers can open an account with as little as Birr 100, and there are no monthly fees. Customers can withdraw their money at any time, and there are no penalties for early withdrawal.

Source: The Ethiopian Herald