cbe

USD
124.0086
126.4888
,
GBP
152.3866
155.4343
,
EUR
128.3365
130.9032
,
CHF
134.1436
136.8265
,
SEK
11.0023
11.2223
,
NOK
10.7134
10.9276
,
DKK
16.8993
17.2373
,
DJF
,
JPY
0.7759
0.7914
,
CAD
84.628
86.3206
,
SAR
33.0073
33.6675
,
AED
33.7659
34.4412
,
INR
,
KES
,
AUD
75.3049
76.811
,
ZAR
,
CNY
16.6728
17.0063
,
KWD
394.889
402.7867

awash

abyssinia

USD
129.8451
132.442
,
GBP
167.7564
171.1115
,
EUR
141.9513
144.7903
,
AED
35.3532
36.0603
,
CHF
158.9291
162.1077
,
SEK
13.3258
13.5923
,
NOK
12.3272
12.5737
,
CAD
93.636
95.5087
,
SAR
34.6041
35.2962
,
CNY
17.796
18.1519

abay

USD
129.9498
132.5488
,
GBP
173.7299
177.2045
,
EUR
149.3903
152.3781
,
AED
35.3778
36.0854
,
ZAR
6.9704
7.1098
,
SAR
34.6422
35.335
,
JPY
0.9261
0.9446
,
CHF
160.0367
163.2375
,
AUD
83.1679
84.8312
,
CNY
17.7685
18.1239

zemen

CAD
93.7125
95.5868
,
EUR
142.8576
145.7148
,
GBP
168.7083
172.0825
,
SEK
13.4154
13.6837
,
USD
129.9938
132.5937

buna

USD
129.9426
132.5415
,
EUR
143.9094
146.7876
,
GBP
164.1011
167.3831
,
AED
35.7075
36.4217
,
SAR
34.1012
34.7832
,
CAD
89.1012
90.8832
,
AUD
64.239
65.5238
,
JPY
0.8603
0.8775

nib

USD
129.8187
132.415
,
GBP
167.7244
171.0789
,
EUR
140.0568
142.858
,
CHF
147.2451
150.19
,
CAD
90.7188
92.5332
,
AED
35.3445
36.0514
,
SAR
34.6045
35.2966

berhan

USD
130.9737
133.5932
,
EUR
146.3914
149.3192
,
GBP
168.68
172.0536
,
CAD
94.7643
96.6596
,
AED
35.6566
36.3697
,
CNY
17.9662
18.3255

wegagen

USD
129.9501
132.5491
,
GBP
172.4568
175.9059
,
EUR
147.3634
150.3107
,
CHF
156.8888
160.0265
,
SEK
13.4109
13.6791
,
CNY
17.8032
18.1592
,
JPY
0.9097
0.9278

dgb

USD
128.1012
130.6632
,
EUR
137.0599
139.8011
,
GBP
157.4803
160.6299
,
CHF
130.8214
133.4378
,
SAR
29.9468
30.5457
,
AED
36.7329
37.4675
,
CAD
79.1617
80.7449

enat

USD
130.0305
132.6311
,
EUR
145.1317
148.0343
,
GBP
169.3271
172.7136

ahadu

USD
130.0001
132.6001
,
GBP
174.1091
177.5913
,
EUR
149.9811
152.9807
,
CAD
58.8603
61.8033
,
SAR
21.7111
22.7967
,
AED
22.1751
23.2839

addis

EUR
146.4079
149.3361
,
GBP
171.4862
174.9159
,
USD
129.981
132.5806
,
CHF
160.0751
163.2766
,
JPY
0.9263
0.9448

dashen

USD
129.8515
132.4485
,
EUR
141.5381
144.3689
,
GBP
167.158
170.5012
,
CAD
84.9226
86.621
,
AED
31.9936
32.6335
,
SAR
31.3241
31.9506
,
CNY
16.2776
16.6031

oromia

lion

USD
131.4923
134.1221
,
GBP
165.6027
168.9148
,
EUR
142.3674
145.2147

developmentbank

USD
129.6586
132.2518
,
GBP
173.3406
176.8074
,
EUR
149.0555
152.0366
,
CHF
159.6781
162.8716
,
SEK
13.6609
13.9341
,
NOK
12.5273
12.7778
,
DKK
19.9662
20.3655
,
DJF
0.7262
0.7407
,
JPY
0.924
0.9425
,
CAD
93.7314
95.606
,
SAR
34.5646
35.2559
,
AED
35.2985
36.0045
,
INR
1.5215
1.552
,
KES
0.9974
1.0173
,
AUD
82.9815
84.6411
,
SDR
175.6096
179.1218
,
ZAR
6.9548
7.0939
,
CNY
17.7287
18.0832
,
KWD
423.8021
432.2781

coop

USD
129.0606
131.6418
,
GBP
158.331
161.4976
,
EUR
136.4649
139.1942
,
AED
32.994
33.6538
,
SAR
32.2674
32.9128
,
CNY
17.0172
17.3575

gadaa

USD
130.0202
132.6206
,
GBP
161.73
164.9646
,
EUR
141.2437
144.0686
,
AED
33.7659
34.4412
,
SAR
33.0073
33.6674
,
CHF
134.1436
136.8265

hijra

USD
130.9582
133.5773
,
EUR
142.1449
144.9878
,
GBP
166.066
169.3873
,
SAR
35.1016
35.8036
,
AED
35.8536
36.5707

amhara

USD
131.55
134.181
,
GBP
173.3434
176.8103
,
EUR
145.6916
148.6055
,
CAD
93.1327
94.9954
,
AED
35.8193
36.5357
,
SAR
35.0678
35.7692

tsehay

USD
131.5382
134.169
,
GBP
160.2439
163.4488
,
EUR
130.0158
132.6161
,
CAD
86.9537
88.6927
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
131.5016
134.1316
,
EUR
149.8066
152.8028
,
GBP
174.8577
178.3548
,
AED
35.8003
36.5163
,
CHF
159.5893
162.7811
,
SEK
13.7139
13.9882
,
NOK
12.6141
12.8663
,
DKK
20.0652
20.4666
,
DJF
0.7365
0.7512
,
INR
1.5389
1.5697
,
JPY
0.9266
0.9451
,
CAD
95.1462
97.0492
,
SAR
35.0568
35.7579
,
ZAR
7.0789
7.2205
,
CNY
18.0386
18.3994
,
KWD
429.4053
437.9935
,
KES
1.0139
1.0342

siinqee

USD
129.8515
132.4485
,
EUR
140.3603
143.1675
,
GBP
159.6959
162.8898
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
32.7831
33.4388

hibret

USD
129.9
132.498
,
EUR
142.0016
144.8416
,
GBP
165.1219
168.4243
,
CHF
155
158.1

gohbetoch

USD
131.0805
133.7021
,
EUR
141.1293
143.9519
,
GBP
165.0379
168.3387
,
AED
34.3079
34.9941

nbe

JPY
0.9185
0.9277
,
KWD
427.064
431.3347
,
CNY
17.9273
18.1066
,
ZAR
6.9352
7.0045
,
XDR
167.9726
169.6523
,
EUR
148.7559
150.2434
,
AED
35.6609
36.0175
,
SAR
34.9082
35.2573
,
AUD
83.482
84.3168
,
CAD
94.0908
95.0317
,
USD
130.9932
131.3238
,
KES
1.0088
1.0391
,
INR
1.5287
1.544
,
DJF
0.7336
0.7557
,
DKK
19.9208
20.12
,
NOK
12.328
12.4512
,
SEK
13.3275
13.4608
,
CHF
160.5899
162.1958
,
GBP
173.7101
175.4472

binance

USDT
157.48
156.65

Shabelle Bank Review

Shabelle Bank

Shabelle Bank

7.3 Rating

0% Loan Interest

Interest free banking

Islamic Bank

first Somali-owned bank in Ethiopia

The first Somali-owned Bank

Written by: abenezer   Proof Read by:  abenezer

Pros and Cons

Good customer services
Convenient for the wide Islamic community 
Different investment services chooses 
Suitable to singular religious followers
Limited number of branch and location set
Poor choices offer for the diaspora community 
52+ branches

Shabelle Bank Information

Contact Information

Diaspora Benefits

  • Diaspora Deposit accounts
  • Diaspora loan
  • remotel activite managmaent system

Internet Banking

  • Can Check Balance
  • Can Transfer Money
  • View Account Statement
  • Can Control Progress
  • Can Pay Bills Online

Mobile Banking

  • Mobile Application
  • Balance Inquery
  • USSD Application
  • Mobile Top Up
  • Money Transfer

Loan Interest

Apply for a loan here

Banks Ethiopia gives you the access and information you need to get car loan and house loan services in Ethiopia from the bank of your choice. If you are a non resident and/or a foreigner with origin of Ethiopia looking for these loan services, make sure to visit our diaspora mortgage loan and diaspora vehicle loan pages to acquire a more detailed information.

Shabelle Bank Exchange Rate

 Customers can find the Latest exchange rate of Shabelle Bank here.

About Shabelle Bank

The formation of Shabelle bank was due to the transformation of one of the strongest microfinance institutions, Somali Micro Finance Institution (SMFI), under the brand name Shabelle giving an identity base for its entitle from one of the longest rivers in the Horn of Africa, Wabi Shabelle river which makes its pass through Somalia region of Ethiopia.

The reformation was made following the directive of the National Bank of Ethiopia (NBE) issued in mid-2020, allowing microfinance institutions to evolve into commercial banks.

Before its transaction, Somali Microfinance Institution share company (SMFISC) had been giving its microfinance operation services starting from the time of its foundation and registration by the National Bank of Ethiopia in 2017 through its 42 branches across the Somali region and beyond with its center being held inside the region.

With the permit given by the National Bank of Ethiopia (NBE), SMFI, jointly with the formation of interest-free banking (IFB), filed its application in May last year to the National Bank of Ethiopia (NBE) to evolve itself to become a bank under the brand name Shabelle and has officially received its commercial banking license to boost its operation under the full-scale financial scheme.

what is the paid up capital of shabelle Bank

shabelle Bank currently has more than 500 million birr paid up capital,more than 52 brunches and 1 million number of customers.

Building Growth Strategy for Banking

Shabelle builds its growth strategy on its position as a leading Islamic Bank with deeply rooted customer relationships and strong engagement with the local communities. The Bank operates strictly under the principles of Islamic sharia and is well organized for its product development capability, Islamic banking research, and advisory services. It works under the supervision of the resident Shariah board member and a Shariah supervisory board comprising internationally renowned scholars.

This makes the Bank the first Somali-owned Bank in Ethiopia and the third interest-free banking (IFB) provider since it conducts all its operations under the principles of Islamic banking and is fully disengaged from interest-based transactions. The Somali regional government has the most extensive shareholdings in the Bank to create financial inclusiveness for the societies of ethical financial products”.

Shabelle Bank head office address is located in two different location following a dual headquarters concept, from Addis Ababa and Jigjiga, which is the capital of the Somali region,” giving the business headquarter set of the Bank at Addis Ababa and the political head office at Jigjiga, with a possible chance of adjustments in the future said Khadar Ahmed, President of Shabelle Bank during the license receiving ceremony of the Bank.

 

Services provided by Shabelle Bank

Shabelle bank Still provides its microfinance service despite its transformation to a private commercial Bank, offering different banking service choices for its customers.

1,Personal Banking

Shabelle Bank personal Banking service is a type of service where customers can take care of there usual day to day banking service with the options the Bank provides.

  • Asset Financing:

    Asset financing enables you to access business assets such as equipment, machinery, and vehicles without purchasing them upfront. It can also free up cash from the value of assets you already own or use your existing assets as collateral against a business loan from an asset financing lender. Assets like home and vehicle

  • Current Account:

    The account is designed based on “Al-Wadiah” Islamic ‘Shari’ah” principles. Customers can withdraw their funds from this account on demand. On the other hand, the Shabelle Bank takes permission from customers that the Bank may utilize their money. No profit is disbursed in these Accounts, and depositors are not subject to any losses on their balance. The customers will be beneficial by getting Access to an internationally recognized debit card. It has no special requirement.

  • International Banking

perform Import and Export transactions through the specific service provided by Shabelle Bank.

Import FinancingShabelle Bank uses various Islamic banking tools to finance multiple aspects of the import process in a “Shari’ah” compliant manner. The Bank have the capacity to facilitate the following vital elements:

      1. Imports under Documentary Credit (Sight & Usance).
      2. Imports under Collection (DP & DA).
      3. Import Financing.
      4. Shipping Guarantees.

Shabelle bank also facilitate requirements for bonds/guarantees that an importer requires.

Export Financing: Exporters are critical to the economy as foreign exchange earners. Shabelle Bank will provide exporters priority treatment. The Bank will leverage Islamic banking tools to facilitate various aspects of the export process in a “Shari’ah” compliant manner. The following export elements are facilitated through Shabelle Bank, export financing.

      1. Exports under Collection (DP & DA)
      2. Exports under Documentary Credit (Sight & Usance)

Shabelle bank  facilitate requirements for bonds/guarantees that an exporter requires.

  • Savings Account

Foreign Currency Savings Account:  can be opened in multiple currencies. Ethiopian individuals earning in a foreign currency, and residing abroad, will be eligible to open foreign currency accounts. These accounts will be based on the “Mudarabah” principle and comply with local regulations and ‘Shari’ah” codes. It has Attractive profit rates and an Easy account opening procedure(Minimum balance of $ 50)

General Savings Accounts(Mudarabah): allows customers to profit from their deposits. Shabelle Bank will invest funds on behalf of the customer. The Bank allocates an attractive percentage of the profits earned towards the customer’s savings account. Customers can deposit and withdraw money from their accounts whenever they wish.

Hajj/Umrah Savings Account :- Hajj is the fifth pillar of Islam. It is mandatory for every Muslim who has the means to perform the duty. However, due to the prevailing socio-economic situation in the country, individuals interested in performing Hajj can only arrange the required amount of money at a time. The desire of many to perform Hajj still needs to be fulfilled. Shabelle Bank has, therefore, introduced a Hajj savings scheme to allow individuals eager to perform Hajj to build their savings.

The unique benefits of the account

      1. Persons eager to perform Hajj within one to twenty-five years may build up savings by depositing a monthly installment. At the end of the period, if the total deposited amount, including profit, becomes less than the actual expenditure for Hajj in that particular year, the depositor may perform Hajj by depositing the balance amount.
      2. The tiered profit-sharing ratio (PSR) is calculated monthly and distributed quarterly if the required minimum balance is maintained.
      3. No annual account maintenance fee is required if the minimum balance is maintained.

Special requirement to have this account

  1. Minimum balance of 1,000 Birr.
  2. Agreement to withdraw funds only once a year, on necessity.

 

Senior Citizens AccountThe Shabelle Bank seniors deposit account is based on the “Mudarabah” principle of Islamic ‘Shari’ah.” After a long, busy life dedicated to their career, family, and society, senior citizen deserves some priority. Shabelle bank will offer them exactly that.

The unique benefit of the account

  1. Applicable only to senior citizens above the age of 60 years.
  2. Higher profit-sharing ratios.
  3. Priority services are offered at the branch level.

 Special requirement to have this account 

  1. Priority services are offered at the branch level. 

 

2,  Corporate Bank

 Corporate finance is the sub field of finance that deals with how corporations address funding sources, capital structuring, accounting, and investment decisions.

 

  • Investment Deposit Account
  1. Flexi-Term Deposit:–  The flexi-term deposit is structured under “Wakala” Islamic Investment principles. ShabelleBank will have the authority to invest the deposit amount and return it with expected profits, according to the tenor of the investment. The additional flexibility is the ability to withdraw funds during the “Wakala” tenor. These accounts will be available in local and foreign currencies. 

The unique benefit of the account

  The investor is expected to receive attractive yields semi-annually; Clients have the flexibility of withdrawal at each profit payment date.

Special requirement to have this account

 A minimum Investment of 6,000 Birr is stated as one of the

       2.Fixed Term Deposit:- “Wakala” refers to a contract where an investor authorizes an entrepreneur (Shabelle Bank) to do certain financial transactions on their behalf. It is a contract of agency where the Bank will act as an agent of the investor while charging a fixed management fee (“Wakala” Fee). Shabelle Bank will invest the customer’s funds and return them with profits at maturity. These accounts will be available in local and foreign currencies.  

The unique benefit of the account

Highest safety and security 

In case of falling profit rates in the market

the client will continue to enjoy the expected high profit and be Full “Shari’ah” Compliant.

 Special requirement to have this account 

  A minimum Investment of 6,000 Birr and a declaration of income are a 

  • Asset Financing

We help you invest in assets to secure your future or grow your business.

  1. Asset Financing(Musharaka): Asset financing will be based on the principles of “Diminishing Musharaka.” The Bank and the business jointly purchase the asset (i.e., property/machinery Etc.).

The Bank subsequently leases its share to the customer. The business is also offered the opportunity to buy equity shares of the assets. Shabelle Bank will gradually reduce the holding until the title to the property is completely transferred to the business.

  2.Term Financing(Musharakah): Shabelle Bank will offer “Shari’ah” compliant term loans under the Islamic Musharakah principle. It is an agreement under which Shabelle Bank provides capital for the business to engage in profit-generating – “Shari’ah” compliant activities.

The profit/losses are distributed between the Bank and the company at predetermined ratios. Shabelle Bank will act as the sleeping partner, and the customer will be the main working partner of the partnership. A Bank representative will be observing the activities of the business.

    3,Working Capital Finance(Tijara): Working capital financing for businesses is offered under the Islamic “Tijara” principles. The facility will enable businesses to meet their working capital requirements, sell finished goods, and settle with Shabelle Bank. Under the “Tijara” principle, the Bank will purchase the finished goods of the business. It will appoint the business as its agent to sell the same goods in the market. The facility is settled via the receipts of the sale.

3,Mobile Banking

  • Mobile app for transactions (balance inquiry, fund transfer, bill payment, etc.)
  • Mobile money service for sending/receiving money
  • Mobile wallet for storing funds
  • (*966#)USSD-based mobile banking code for basic transactions
  • Real-time, secure, and 24/7 accessible
  • No monthly fee, standard transaction charges apply

4,Microfinance

Shabelle Bank was established as a microfinance institution before its transformation. Now, as a banking institute, shebelle understands the pulse of this market segment and intends to be a key enabler for small businesses and households within the country.

Additional services offered by shabelle Bank

Financing and Investment products to be availed by the Bank for its esteemed customers include:-

  • Trade-Based Mode of Financing (Murabaha, Salam, and Istisna‘a)
  • Rental-Based Mode of Financing (Ijarah)
  • Partnership-Based Mode of Financing (Musharaka)
  • Interest-Free Export Financing (Qard Al Hassen)

Shabelle Bank provided interest free bank loans for customers with a lot of choice like interest free mortgage loan, interest free vehicle loan, Islamic loans interest free service choices which the customers can get through there recent brunch of the Bank.

Hello Cash Shabelle Bank

HelloCash Shabelle bank is a secure and easy mobile banking application provided by Shabelle bank to its customer. the app is away to provide easy transaction of money, get airtime service, and direct payments through the Banks chosen merchants by using QR code

Contact Information

Shabelle Bank phone number: +251257756976/77

Shabelle Bank email address: [email protected] / [email protected]

SWIFT: SBEEETAA, Addis Ababa, Ethiopia

7.3

Shabelle Bank

Loan Interest

10

Mobile Banking

10

Internet Banking

8

Saving Interest

5

Customer Service

5.8

Diaspora Benefit

5

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