Amhara Bank Officially Began Merhaba Banking System In 2023
Amhara Bank has announced the implementation of interest-free banking called “Merhaba Banking System” at the convocation ceremony on march 20th of 2023 with the presence of the National Bank of Ethiopia (NBE) representative, members of the Executive Committee of the Ethiopian Council of Islamic Affairs, Secretary General of the Ulema Council, Merhaba’s Sharia Advisor, and committee members, members of the bank’s board of directors, senior officials and of invited guests.
Merhaba Banking System Foundation
The new Merhaba system has its main base on LCY and FCY than interest. the service is open for all customers (individuals and joints ), and the bank forms its sharia advisory committee in specific consideration of the service’s compliance with Sharia principles.
Amhara bank is also known for its Interest-Free Bank Deposit Products(Wadia’h Based Saving Account, Amanah Based Demand Account, and Wadia’h FCY Deposit Account)
Merhaba is Eligible for:-
- All natural and legal persons
- Minors through parents or guardian
- Interdicted persons through legal guardians
In addition to IFB service the multiple Book where people see all their different accounts in one place and the system also have a huge effect on easing up the day-to-day banking activities, core Banking connects all of the Amhara bank branches to deliver operations like withdrawals, deposits, payments, and loan management.