cbe

USD
131.5086
134.1388
,
GBP
174.4955
177.9854
,
EUR
149.8277
152.8243
,
CHF
156.9823
160.122
,
SEK
13.4396
13.7084
,
NOK
12.8108
13.0671
,
DKK
19.7202
20.1146
,
DJF
,
JPY
0.8912
0.909
,
CAD
94.2697
96.1551
,
SAR
35.069
35.7703
,
AED
35.809
36.5252
,
INR
,
KES
,
AUD
83.7181
85.3925
,
ZAR
,
CNY
17.9542
18.3133
,
KWD
420.8198
429.2362

awash

USD
134.1097
136.7919
,
GBP
181.4301
185.0587
,
EUR
154.9773
158.0768
,
JPY
0.7932
0.8091
,
SAR
32.2749
32.9204
,
AED
32.9647
33.624
,
CAD
87.499
89.249
,
CHF
145.4585
148.3677
,
NOK
10.874
11.0915
,
DKK
17.5964
17.9483
,
SEK
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY

abyssinia

abay

USD
132.9817
135.6413
,
GBP
180.9215
184.54
,
EUR
154.2986
157.3846
,
AED
36.2052
36.9293
,
ZAR
7.4811
7.6308
,
SAR
35.4561
36.1652
,
JPY
0.9125
0.9308
,
CHF
164.8669
168.1643
,
AUD
86.345
88.0719
,
CNY
18.5371
18.9079

zemen

CAD
98.5702
100.5416
,
EUR
155.998
159.118
,
GBP
173.9501
177.4291
,
SEK
14.0834
14.3651
,
USD
133.9997
136.6797

buna

USD
133.8095
136.4857
,
EUR
154.9901
158.0899
,
GBP
178.2021
181.7661
,
AED
36.192
36.9158
,
SAR
35.7075
36.4217
,
CAD
94.006
95.8861
,
AUD
64.239
65.5238
,
JPY
0.94
0.9588

nib

USD
133.7081
136.3822
,
GBP
184.2764
187.962
,
EUR
158.0028
161.1629
,
CHF
169.6587
173.0519
,
CAD
98.3147
100.281
,
AED
36.401
37.129
,
SAR
35.6498
36.3628

berhan

wegagen

USD
133.9747
136.6542
,
GBP
182.5807
186.2323
,
EUR
157.9696
161.1289
,
CHF
169.1833
172.5669
,
SEK
14.0539
14.3349
,
CNY
18.7029
19.0769
,
JPY
0.9379
0.9567
,
AED
36.4814
37.2109

dgb

USD
132.0724
134.7138
,
EUR
148.5321
151.5027
,
GBP
167.2316
170.5762
,
CHF
130.8214
133.4378
,
SAR
29.9468
30.5457
,
AED
35.8921
36.6099
,
CAD
79.1617
80.7449

enat

USD
133.001
135.661
,
EUR
150.68
153.6936
,
GBP
175.6031
179.1152

ahadu

USD
133.6323
136.3049
,
GBP
174.1091
177.5913
,
EUR
147.0413
149.9821
,
CAD
94.4677
96.3514
,
SAR
35.0504
35.7514
,
AED
35.7909
36.5067

addis

USD
134.17
136.8534
,
EUR
157.3696
160.517
,
GBP
184.1205
187.8029
,
SAR
35.7729
36.4884
,
CHF
167.9855
171.3452
,
AED
36.5307
37.2613
,
KWD
0
0

dashen

USD
134.1746
136.8581
,
EUR
155.6425
158.7554
,
GBP
181.1357
184.7584
,
CAD
87.7499
89.5049
,
AED
33.0588
33.7199
,
SAR
32.367
33.0143
,
CNY
16.8195
17.1559

oromia

USD
133.9745
136.654
,
GBP
176.5248
180.0553
,
EUR
148.4303
151.399
,
CHF
169.9968
173.3968
,
SAR
35.7209
36.4353
,
AED
36.4735
37.2029

lion

USD
134.0414
136.7222
,
GBP
180.27
183.8754
,
EUR
154.9538
158.0529

developmentbank

USD
132.3534
135.0005
,
GBP
182.4095
186.0576
,
EUR
156.402
159.5301
,
CHF
167.9399
171.2987
,
SEK
14.0514
14.3325
,
NOK
13.2166
13.4809
,
DKK
20.9636
21.3828
,
DJF
0.7413
0.7561
,
JPY
0.9261
0.9447
,
CAD
97.3187
99.2651
,
SAR
35.2886
35.9944
,
AED
36.0322
36.7528
,
INR
1.5481
1.579
,
KES
1.022
1.0425
,
AUD
87.1812
88.9248
,
SDR
181.8536
185.4906
,
ZAR
7.5252
7.6757
,
CNY
18.4805
18.8501
,
KWD
433.7618
442.437

coop

USD
132.3606
135.0078
,
GBP
168.331
171.6976
,
EUR
143.4649
146.3342
,
AED
32.994
33.6538
,
SAR
32.2674
32.9128

gadaa

USD
132.9932
135.6531
,
GBP
164.6856
167.6793
,
EUR
151.0773
154.0988
,
AED
33.7659
34.4412
,
SAR
33.0073
33.6674
,
CHF
134.1436
136.8265

hijra

USD
132.1301
134.7727
,
EUR
148.063
151.0242
,
GBP
173.3231
176.7895
,
SAR
35.8505
36.5675
,
AED
36.6058
37.3379

amhara

USD
134.6599
137.3531
,
GBP
184.8746
188.5721
,
EUR
157.7541
160.9092
,
CAD
98.6086
100.5808
,
AED
36.6691
37.4025
,
SAR
35.9055
36.6236

tsehay

USD
132.8509
135.5079
,
GBP
169.2591
172.6443
,
EUR
148.836
151.8127
,
CAD
89.6864
91.4801
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
133.9526
136.6316
,
EUR
158.2918
161.4576
,
GBP
184.6134
188.3057
,
AED
36.4675
37.1969
,
CHF
169.969
173.3684
,
SEK
14.2212
14.5057
,
NOK
13.3763
13.6738
,
DKK
21.2168
21.6412
,
DJF
0.7502
0.7652
,
INR
1.5668
1.5981
,
JPY
0.9373
0.9561
,
CAD
98.4945
100.4644
,
SAR
35.715
36.4293
,
ZAR
7.6161
7.7684
,
CNY
18.7038
19.0778
,
KWD
439.0028
447.7828
,
KES
1.0344
1.0551

siinqee

USD
132.7897
135.4455
,
EUR
152.015
155.0553
,
GBP
178.7173
182.2916
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
36.3332
37.0599

hibret

USD
133.2001
135.8641
,
GBP
175.1027
178.6048
,
EUR
156.1372
159.2599
,
AED
36.2666
36.988
,
CAD
97.9413
99.9001
,
CNH
18.5987
18.9707
,
CHF
148.0209
150.9813

gohbetoch

USD
133.9305
136.6091
,
EUR
152.412
155.4602
,
GBP
177.4716
181.009
,
AED
35.0447
35.7758

zamzam

USD
132
134.64
,
GBP
177.072
180.6134
,
AED
36.2533
36.9784
,
EUR
149.748
152.743
,
SAR
35.3367
36.0434
,
CAD
95.625
94.5375
,
CHF
160.185
163.3887

nbe

JPY
0.9361
0.9454
,
KWD
442.2143
446.6364
,
CNY
18.8636
19.0522
,
ZAR
7.5564
7.632
,
XDR
185.8444
187.7029
,
EUR
158.4622
160.0469
,
AED
36.835
37.2033
,
SAR
36.0709
36.4316
,
AUD
88.4104
89.2945
,
CAD
99.0464
100.0369
,
USD
135.2875
135.4483
,
KES
1.0447
1.076
,
INR
1.5817
1.5976
,
DJF
0.7577
0.7804
,
DKK
21.2392
21.4516
,
NOK
13.4303
13.5646
,
SEK
14.2729
14.4157
,
CHF
169.3846
171.0785
,
GBP
185.6821
187.5389

binance

USDT
160.34
159.75

List of interest free banks

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

Hijra Bank

Hijra Bank

7.2 Rating

0% Loan Interest

Interest Free Banking

Islamic Bank

AAOIFI based core banking system

Interest Free Banks

interest free banking

Interest free banking is currently an emerging, fastest growing industry across the globe.  Ethiopia, on the other hand, is still on the get-way to the sector. Even though the country has Islam as one of the oldest and highly populated religion with more than 38 million followers, (which indicates the high demand of the service), Interest free Banking in Ethiopia is still adapting through the community. Interest-free banking service abides by Shariah principles for all of its activities and Banking services.

Commercial Bank of Ethiopia which is owned by the state government was the first Bank ever in Ethiopia to start an Interest-free Banking service starting in 2013.

Islamic banking strengthened from 2011-2013 and got adopted through other private banks in Ethiopia on a window scheme. Even though the service was adopted with no time, the emerging of independent fully fledged interest free banks as an organization took longer time compared to the service. The first Interest-free Bank to provide the service on an organization level was ZamZam Bank, which was officially launched by the end of 2019.

 

  How does Interest free Banking work? 

 

The interest-Free Banking concept came to include the wide un-banked Muslim community of the country and provide all services accordingly to the Islamic Sharia law focusing on the rules and regulation of the Islamic religion, the idea of an interest-free banking system is known for not giving an interest both for deposit and loan services.

The Sharia regulation that interest-free Banking follows has a core idea of earning money directly by work, in more brief explanation “you shouldn’t make money from money.” under any possible condition, getting involved in interest by either only through paying or receiving it, with no work being done should be avoided.

Another mainly important base idea of Sharia regulation underpins Islamic finance shouldn’t cause harm. This means Islamic financial services should not invest in things like alcohol, tobacco, gambling, and other businesses which are involved in harmful sectors.

Sharia also encourages partnership. This means that under any possible condition and agreement of the parties, making a partnership and sharing both profit and risks, and supporting one another is highly recommended. The partnership can be between two individuals, an individual and a business, or a business and a business.

Interest free banking is open for both religion followers and non-followers and anyone can use Islamic finance products and services – you don’t have to be a Muslim.

Interest free banks

Ethiopia currently has about 30 Banks, 3 of which are fully-fledged Interest free banks, and most of the remaining private Banks including the Government Bank (Commercial Bank of Ethiopia), give Interest-free Banking services on a window level.