cbe

USD
57.2653
58.4106
,
GBP
69.4105
70.7987
,
EUR
61.4457
62.6746
,
CHF
61.4753
63.7048
,
SEK
4.9682
5.0676
,
NOK
4.923
5.0215
,
DKK
7.4564
7.6055
,
DJF
,
JPY
0.3272
0.3337
,
CAD
37.7982
38.5542
,
SAR
13.8141
14.0904
,
AED
14.109
14.3912
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
34.5933
35.2852
,
SDR
,
ZAR
,
CNY
7.1379
7.2807
,
KWD
178.3661
181.9334

awash

USD
57.2653
58.4106
,
EUR
61.4457
62.6746
,
GBP
69.4105
70.7987
,
CHF
61.4753
62.7048
,
SAR
13.8141
14.0904
,
AED
14.109
14.3912
,
CAD
37.7982
38.5542

abyssinia

GBP
69.4105
70.7987
,
CHF
61.4753
62.7048
,
EUR
61.4457
62.6746
,
USD
57.2653
58.4106
,
CAD
37.7982
38.5542
,
AED
14.109
14.3912
,
SAR
13.8141
14.0904
,
SEK
4.9682
5.0676
,
NOK
4.923
5.0215

abay

USD
56.5376
57.6684
,
EUR
61.7956
63.0315
,
GBP
72.289
73.7348
,
CHF
64.3716
65.659
,
AUD
37.3657
38.113
,
AED
15.3911
15.6989
,
CNY
7.8594
8.0166
,
DKK
8.2877
8.4535
,
DJF
0.3166
0.3229
,
INR
0.6826
0.6963
,
JPY
0.3821
0.3897
,
KES
0.4082
0.4164
,
NOK
5.3785
5.4861
,
SAR
15.0739
15.3754
,
ZAR
3.0306
3.0912
,
SEK
5.5156
5.6259
,
SDR
78.118
79.6804

zemen

CAD
41.6356
42.4683
,
EUR
61.3505
62.5775
,
GBP
72.5868
74.0385
,
SEK
5.426
5.5345
,
USD
57.2406
58.3854

buna

nib

GBP
69.4105
70.7987
,
EUR
61.4457
62.6746
,
CHF
61.4753
62.7048
,
USD
57.2653
58.4106
,
CAD
37.7982
38.5542
,
AED
14.109
14.3912
,
SAR
13.8141
14.0904

berhan

wegagen

dgb

USD
57.1651
58.3084
,
GBP
73.1806
74.6442
,
EUR
61.3553
62.5824
,
CHF
63.7221
64.9965
,
CAD
41.5052
42.3353

enat

USD
57.2406
58.3854
,
GBP
72.5868
74.0385
,
CHF
64.4819
65.7715
,
SEK
5.1879
5.2917
,
NOK
5.1733
5.2768
,
DKK
8.1014
8.2634
,
KES
0.4271
0.4356
,
JPY
0.3673
0.3746
,
DJF
0.3181
0.3245
,
CAD
41.1312
41.9538
,
AUD
36.4897
37.2195
,
SAR
15.1424
15.4452
,
AED
15.5162
15.8261
,
ZAR
2.9861
3.0458
,
CNY
7.846
8.0029

addis

nbe

USD
57.2653
57.838
,
GBP
72.6811
72.7098
,
CHF
64.372
64.4009
,
SEK
5.4897
5.4913
,
NOK
5.4398
5.4407
,
DKK
8.2391
8.2396
,
DJF
0.3207
0.3225
,
INR
0.6848
0.6849
,
KES
0.4439
0.4474
,
JPY
0.3616
0.3616
,
CAD
41.766
41.7873
,
AUD
38.2246
38.2475
,
SAR
15.2642
15.265
,
AED
15.59
15.5909
,
EUR
61.4457
61.4686
,
XDR
75.447
75.447
,
ZAR
3.1652
3.1657
,
CNY
7.8872
7.8873
,
KWD
186.7708
186.828

dashen

USD
57.2653
58.4106
,
GBP
69.4105
70.7987
,
CHF
61.4753
62.7048
,
SEK
4.9682
5.0676
,
NOK
4.923
5.02146
,
DKK
7.4564
7.6055
,
JPY
0.3272
0.3337
,
CAD
37.7982
38.5542
,
SAR
13.8141
14.0904
,
AED
14.109
14.3912
,
EUR
61.4457
62.6746
,
DJF
0
0
,
INR
0
0
,
KES
0
0
,
AUD
34.5933
35.2852
,
ZAR
0
0
,
CNY
7.1379
7.2807
,
KWD
178.3661
181.9334
,
AED

oromia

USD
57.2653
58.4106
,
GBP
72.6811
74.1347
,
EUR
61.4457
62.6746
,
CHF
64.372
65.6594
,
SAR
15.2642
15.5695
,
AED
15.59
15.9018

lion

coop

USD
57.2406
58.3854
,
GBP
72.5868
74.0385
,
EUR
61.3505
62.5775
,
AED
15.5825
15.8942
,
SAR
15.2556
15.5607

gadaa

USD
57.0384
58.1792
,
GBP
69.4569
70.846
,
EUR
91.9494
63.1884
,
AED
14.0523
14.3333
,
SAR
13.7631
14.0384
,
CHF
59.61
60.8022

hijra

amhara

tsehay

USD
57.2406
58.3854
,
GBP
69.3204
70.7068
,
EUR
61.3505
62.5775
,
CAD
37.6802
38.4338
,
SAR
13.8063
14.0824
,
AED
14.1022
14.3842

tsedey

USD
57.2653
58.4106
,
EUR
61.4457
62.6746
,
GBP
69.4105
70.7987
,
AED
14.109
14.3912

ZamZam Bank Review

ZamZam Bank

ZamZam Bank

5.4 Rating

0% Loan Interest

Interest Free Banking

Islamic Bank

First full pledged Islamic bank

Written by: abenezer   Proof Read by:  abenezer

Pros and Cons

Ethiopia’s first Islamic bank
Full interest free bank
Poor online banking
No saving interest
10 number of brunches

ZamZam Bank Information

Contact Information

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

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.

About ZamZam Bank

ZamZam Bank is the primary genuinely committed Islamic bank set up in Ethiopia. It has gotten a permit from the Central Bank on 28 September 2020 to provide clients within the nation with interest-free banking exercises. ZamZam Bank plans to receive a technology-based approach from the initial day of its benefit, building on the skill of the establishing individuals.

ZamZam bank plans to take after a technology-based approach from the primary day of its operation, capitalizing on the encounter of the establishing individuals. The customer is at the centre of this approach, which can make the bank adjust to advancing client needs powerfully.

ZamZam Bank Milestones

2006: Members of Zemzem Bank Organizer (Dr. Nasir Dino, Dr. Ahmed Hussein, Dr. Endris Mohamed and Jamal Muzein) began talking to the country’s top officials.

2007: The House of Peoples’ Representatives of the Federal Democratic Republic of Ethiopia (FDRE)Proclamation amended June 2000 Banking Proclamation No. 592/2000 August 19/2000 by Negarit GazetaPublished.Sub-Article 2 of Article 22 of this Proclamation National Bank Interest-Free Deposit. It may issue directives to regulate banking activities related to fundraising and use. It came out with a historic change. Official application of Zemzem Bank organizers to the National Bank and they began preparations for banking.

2009: National Bank of Ethiopia announces the first draft to stakeholders for Interest-Free BankingJune 2010 Guidelines.

2010: On September, 2011, the National Bank of Ethiopia (NBE) released the 2nd Interest-Free Bank Directive. On  October 8 All banks and founding banks are invited for discussion Zemzem Bank organizers are actively involved. On November 2011 An important and hopeful meeting for the members of Zemzem Bank Held at Addis Ababa Theater and Culture Center.

ZamZam Bank Share

December 2010 ZamZam Bank’s modified share document, which was formed Prospectus submitted to the National Bank of Ethiopia was presented and collection of capital started.

At the time, the banking industry’s initial capital was 137 million birr. This was collected from 6300 people Collected (at the time, the National Bank’s small banking capital was 70 million birr). A meeting of signatories was held at the Millennium Hall on April 2012 and by approving the Memorandum  of Article of Establishment, the board of directors was chosen. Directors.

2011: September 9, 2014 – The National Bank of Ethiopia (NBE) announced that it has decided to establish an interest-free bank with a regular bank and provide only window services. After discussing the matter with the signatories of Zemzem, who were gathered to form a full interest-free bank, they expressed their dissatisfaction with the proposal.

The peaceful struggle continued with political leaders. Letter to former Prime Minister Meles Zenawi was written by Zemzem Bank organizers. And There was no answer.

In a letter dated January 10, 2004, Zemzem Bank announced that it would increase its capital to 500 million and start regular interest-free services through the window or return the money collected to its members. Later when Hailemariam Desalegn is the Prime Minister of Ethiopia there was still no answer. The 137 million birr collected was returned to share holders through a long and arduous process.

2017: A letter requesting the rebirth of Zemzem Bank from Zemzem Bank organizers was presented to Prime Minister Dr Abiy Ahmed. Expert discussions were held for several months.

2018: A letter to the Governor of the National Bank of Ethiopia, Dr. Yinager Dessie, on May, 2018, a letter was written asking him not to forget about the re-establishment of the bank. The Governor of the National Bank of Ethiopia, Dr. Neger Dessie, has announced that he will re-establish the Zemzem Bank SC on May, 2018. In the evening, Prime Minister Abiy Ahmed congratulated the people of Ethiopia.

The National Bank of Ethiopia (NBE) has ordered the opening of a bank account for the sale of shares based on a May 2019 application.

2019: On September, 2019, the organizers of Zemzem Bank announced that they have met the National Bank with a capital limit of 500 million birr.
Stock sales continued under public pressure. November, 2019 Millennium Hall Signatories Conference held in full swing. The constitution and bylaws were approved. Board of Directors elected.

September 2019: Zemzem Bank Managers 630 June 5, 2012 Office

June 2020: The Board of Directors of Zemzem Bank was approved by the National Bank of Ethiopia. Members of the Board with advanced education, financial skills and business experience Are included.

July 2020: As soon as the signing ceremony is completed, the bylaws and bylaws are approved.
Business Registration Certificate (with a capital of 1,709,707,000) in business Ministry was given.

September 2020: Date of signing of the National Bank’s banking license

October 2020: The National Bank of Ethiopia has launched its first banking operation in the country Date of issuance of license to Zemzem Bank SC in a special ceremony.

ZamZam Bank Services

ZamZam Bank Accounts

  1. Diaspora Account

    ZamZam Bank offers a diaspora account for their international customers. To get a diaspora account, you must be Ethiopian or have Ethiopian origins.

    Documents needed to open a Diaspora Account
    • Renewed Passport
    • Verified work permits for non-residents
    • Yellow card
    • Letter from the nearest Ethiopian Embassy if you are not present while opening an account
    • Application form provided by the Bank

    The initial deposit needed to open a ZamZam Diaspora account is USD 100. It can be transformed using SWIFT.

  2. Quad Current Account

    ZamZam Bank offers Quad Current Account according to the contract of Quad. The initial deposit to open a Quad Current Account is ETB 250. After that, there is no limit to depositing or withdrawing your money. Quad Current Account holders can access a debit card, internet, and mobile banking. Customers can withdraw money in cash, ATM, POS, account transfer, debit card, and internet and mobile transactions.

    Benefits of having Quad Current Account
    • Customer and Bank do not exchange profits or losses
    • Cheque book facility
    • Inter and intra money transfers free of funds (only locally) up to the limit set by the concerned government body
    • Free monthly bank account statement
  3. Qard Non-Resident Foreign Currency Account

    Quad Non-Resident, Foreign Currency Account, is provided for foreign nationals, ampoules of international organizations, NGOs, and embassies. Its employees who live and work in Ethiopia receive salaries in foreign currency.

    Like Quad Current Account, Quad Non-Resident Foreign Current Account has no deposit and withdrawal limit. However, Deposits from local sources are not allowed. You can withdraw your money through cash and the counter upon presenting your travel documents. The initial deposit is USD 100.

    Benefits of Quad Non-Resident Foreign Currency Account
    • Can operate by check
    • It can be used for travel allowances
    • When sending money abroad, there is no exchange commission charged
    • Interest-free unless permitted explicitly by NBE

ZamZam Bank Financing

  • Sharia Compliant Financing

  • Murabahah (Cost Plus Profit) Mode of Financing

    This is an agreement between ZamZam Bank and the customer where the Bank agrees to buy items the customer needs and sells them profit added to the cost.

  • Bai’Salam

    This is when a contract where early payment is made for a specific defined product besides gold, silver, and money that will be delivered later on a given day.

  • Istisna’

    This is a contract to sell specific properties to be built with an obligation to ZamZam Bank to deliver those properties to the customer once it is finished, along with the price, delivery date, and location that have been mutually agreed upon.

  • Ijarah

    This is a form of Shari’ah mode financing in which ZamZam Bank leases identified assets to the customer for an agreed-upon rental fee and lease term.

  • Musharakah

    This is joint financing between ZamZam Bank and customers to divide earnings and losses following a predetermined formula.

  • Mudarabah

    This is when ZamZam Bank lends money to another party or mudarib so they can invest in businesses.

  • Kafalah (Letter of Guarantee)

    This is a written obligation issued by ZamZam Bank to pay sums of money to the beneficiary, whether local or foreign, if the obligor fails to honor their promise following the terms and conditions of the guarantee, agreement, or contract.

  • Personal Financing

    Personal financing is to finance a building or purchase of a residential home and to buy cars (personal vehicle financing).

ZamZam Banking

International Banking

  • Trade Services: This is used for import and export letters of credit, cash against documents, and advance payment.
  • Foreign Transfer Services: This service is used for incoming and outgoing fund transfers from foreign banks to ZamZam Bank and from ZamZam Bank to Foreign Banks respectively, through SWIFT.
  • Remittance Services: ZamZam Bank uses this service in collaboration with authorized remittance service providers.

Contact Information

Zamzam Bank phone number:+2515582308 or 9670

Zamzam Bank email address: [email protected]

SWIFT: ZAMZETAA, Addis Ababa, Ethiopia

Zamzam Bank Head Office: Ethio china friendship road, Kadco Building, Addis Ababa, Ethiopia

5.4

ZamZam Bank

Loan Interest

10

Mobile Banking

8

Internet Banking

0

Saving Interest

5

Customer Service

9.2

Diaspora Benefit

0

Visit Website

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