Pros and Cons
Ethiopia’s first Islamic bank
Full interest free bank
No saving interest
ZamZam Bank 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 Share
ZamZam Bank Milestones
2006 Members of Zemzem Bank Organizer (Dr. Nasir Dino, Dr.Ahmed Hussein, Dr. Andris 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.
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.
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 2010: As soon as the signing ceremony is completed, the bylaws and bylaws are approved.
July 2010: 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 Address
ZamZam Bank head office is located at Ethio China Street Kadko Building Addis Ababa, Ethiopia. ZamZam Bank’s website is under construction, they have a social media account to follow recent news.
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