cbe

USD
55.2124
56.3166
,
GBP
64.4967
65.7866
,
EUR
58.7184
59.8928
,
CHF
57.9363
59.095
,
SEK
4.5316
4.6222
,
NOK
4.6506
4.7436
,
DKK
7.1279
7.2705
,
DJF
0.3092
0.3154
,
JPY
0.3362
0.3429
,
CAD
37.1227
37.8652
,
SAR
13.3203
13.5867
,
AED
13.6031
13.8752
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
32.1139
32.7562
,
SDR
,
ZAR
,
CNY
6.8347
6.9714
,
KWD
170.5482
173.9592

awash

EUR
56.5106
57.6408
,
GBP
64.5257
65.8162
,
JPY
0.4037
0.4118
,
CHF
57.4629
58.6122
,
SAR
14.1527
14.4358

abyssinia

abay

USD
55.2124
56.3166
,
EUR
58.7184
59.8928
,
GBP
67.5358
68.8865
,
CHF
60.6663
61.8796
,
AUD
35.485
36.1947
,
AED
15.0311
15.3317
,
CNY
7.5522
7.7032
,
DKK
7.8761
8.0336
,
DJF
0.3092
0.3154
,
INR
0.664
0.6773
,
JPY
0.3715
0.3789
,
KES
0.3737
0.3812
,
NOK
5.1388
5.2416
,
SAR
14.7186
15.013
,
ZAR
2.946
3.0049
,
SEK
5.0073
5.1074
,
SDR
72.654
74.1071

zemen

CAD
41.0196
41.84
,
EUR
58.7184
59.8928
,
GBP
67.5358
68.8865
,
SEK
5.0073
5.1074
,
USD
55.2124
56.3166

buna

USD
54.778
55.8736
,
EUR
60.4201
61.6285
,
GBP
67.3216
68.668
,
AED
13.4962
13.7661
,
SAR
13.2148
13.4791
,
CAD
37.5106
38.2608
,
CNY
6.9339
7.0726
,
USD
7.3374
7.4841
,
EUR
4.7259
4.8204
,
GBP
60.0815
61.2831
,
AED
0.3485
0.3555
,
SAR
4.8953
4.9932
,
CAD
170.2997
173.7057
,
CNY
33.2543
33.9194

nib

GBP
64.4967
65.7866
,
EUR
58.7184
59.8928
,
CHF
57.9363
59.095
,
USD
55.2124
56.3166
,
CAD
37.1227
37.8652
,
AED
13.6031
13.8752
,
SAR
13.3203
13.5867

berhan

wegagen

USD
55.1843
56.288
,
GBP
65.3387
66.6455
,
EURO
59.0472
60.2281
,
CAD
37.1702
37.9136
,
AUD
32.2574
32.9025
,
CHF
58.7918
59.9676
,
SEK
4.4943
4.5842
,
NOK
4.6479
4.7409
,
DKK
7.1688
7.3122
,
DJF
0.3093
0.3155
,
INR
0.6629
0.6762
,
KSH
0.3749
0.3824
,
JPY
0.3382
0.345
,
SAR
13.3139
13.5802
,
AED
13.5955
13.8674
,
ZAR
3.1723
3.2357
,
CNY
6.8493
6.9863
,
KWD
170.6195
174.0319

dgb

USD
55.2124
56.3166
,
GBP
67.5358
68.8865
,
EUR
58.7184
59.8928
,
CHF
60.6663
61.8796
,
CAD
41.0196
41.84
,
AUD
35.485
36.1947
,
SEK
5.0073
5.1074
,
NOK
5.1388
5.2416
,
DKK
7.8761
8.0336
,
DJF
0.3092
0.3154
,
INR
0.664
0.6773
,
KSH
0.3737
0.3812
,
JPY
0.3715
0.3789
,
SAR
14.7186
15.013
,
AED
15.0311
15.3317
,
ZAR
2.946
3.0049
,
CNY
7.5522
7.7032
,
KWD
178.5845
182.1562

enat

USD
53.1422
54.205
,
GBP
62.1342
63.3769
,
CHF
0
0
,
SEK
0
0
,
NOK
0
0
,
DKK
0
0
,
KES
0
0
,
JPY
0
0
,
DJF
0
0
,
CAD
0
0
,
AUD
0
0
,
SAR
0
0
,
AED
0
0
,
ZAR
0
0
,
CNY
0
0

addis

nbe

KWD
126.8085
129.34467
,
CNH
5.6258
5.738316
,
ZAR
2.6751
2.728602
,
AED
9.9063
10.104426
,
SDR
57.7908
58.946616
,
EUR
48.4016
49.369632
,
CAD
28.7765
29.35203
,
AUD
28.3265
28.89303
,
JPY
0.3389
0.345678
,
SAR
9.7001
9.894102
,
INR
0.5525
0.56355
,
DJF
0.2234
0.227868
,
KES
0.3664
0.373728
,
DKK
5.8896
6.007392
,
NOK
4.2714
4.356828
,
SEK
4.3114
4.397628
,
CHF
41.5822
42.413844
,
GBP
53.539
54.60978

dashen

USD
55.2124
56.3166
,
GBP
64.4967
65.7866
,
CHF
57.9363
59.095
,
SEK
4.5316
4.6222
,
NOK
4.6506
4.7436
,
DKK
7.1279
7.2705
,
JPY
0.3362
0.3429
,
CAD
37.1227
37.8652
,
SAR
13.3203
13.5867
,
AED
13.6031
13.8752
,
EUR
58.7184
59.8928
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY
,
AED

oromia

USD
53.3285
54.3951
,
EUR
56.7522
57.8872
,
GBP
64.2235
65.508
,
SAR
14.185
14.4687
,
CHF
57.398
58.546
,
AED
14.5198
14.8102

lion

USD
55.2124
56.3166
,
GBP
64.4967
65.7866
,
EUR
58.7184
59.8928

coop

USD
55.208
56.3122
,
GBP
67.6574
69.0105
,
EUR
58.8131
59.9894
,
SAR
14.7182
15.0126
,
AED
15.0291
15.3297

gadaa

hijra

EUR
59.0833
60.265
,
USD
54.2297
55.3143
,
GBP
64.8713
66.1687
,
AED
13.3629
13.6302
,
KWD
168.8489
172.2259
,
SAR
13.3629
13.3481

Shabelle Bank Review

Shabelle Bank

Shabelle Bank

7.3 Rating

0% Saving Interest

Interest free banking

Islamic Bank

first Somali-owned bank in Ethiopia

The first Somali-owned Bank

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

    Shabelle Bank has brought banking to the fingertips via an all-in-one, modern, user-friendly, and secure mobile banking app. Quickly check account balances and account histories, make transfers, view your financing facilities, manage your cheques, contact the Bank, and so on the Shabelle Bank mobile app anywhere.

    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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