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

ZamZam Bank Review

ZamZam Bank

ZamZam Bank

5.4 Rating

0% Saving Interest

Interest Free Banking

Islamic Bank

First full pledged Islamic bank

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

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