Sinopia News Top

Development Bank of Ethiopia Launches Interest Free Banking

Development Bank Logo 11

The Development Bank of Ethiopia (DBE) has introduced DBE-TA, AWUN, an interest-free banking service based on Sharia principles.

The service will be accessible at both the DBE head office and all branches and provide interest-free financial loans to individuals engaged in agriculture, agro-processing, manufacturing, mining, and tour operator sectors.

Yohannes Ayalew, President of DBE, highlighted the bank's notable achievements over the past four years, including an increase in branches from 77 to 100, a rise in capital from Birr 2 billion to 38 billion, and a growth in total deposits from Birr 80 billion to 160 billion.

Source: The Ethiopian Herald