Zamzam Bank about to build its headquarters seat at 2 billion budget cost
Zemzem Bank, the pioneer in starting a completely interest-free bank in Ethiopia, has announced that it is going to build its headquarters building at a cost of more than two billion birr.
According to the Chief Executive Officer of Zamzam Bank, Mrs. Melika Bedri, they found the site for the headquarters building in the “Senga tera” area, where the country’s financial institutions have built and are building their headquarters.
Ms. Melika stated that as the bank is an institution founded based on public interest, the “Design Concept” of the building to be constructed is being commented on in an inclusive manner, and along with this strategy the bank is distributing the design concept of the building that describes the bank’s services to the shareholders for their comments.
It was also possible to understand from Mrs. Melika Mabraria that they are providing input from various angles by evaluating the issues that should be reduced and added to the ideas collected so far. The CEO also assured that the main design of the build will be designed in consideration of the public comments which are being collected now.
It has been learned that the building that will be built in the area known as the country’s financial village, Zamzam Bank, will have more than 30 floors and is planned to be completed within two to three years.
According to this, it is said that after the design work, the construction tender will be issued and work will be started.
At present, there are four banks, including Zamzam Bank, which is fully interest-free, and two of them (Hijra and Ramis Banks) are known to have bought their buildings when they came into operation.
ZamZam Bank being the first Bank to build its head office at an early age
Mrs. Melika stated that the building planned to be constructed by Zamzam Bank will be similar in length to the head office building that has been built and is planned to be built by existing banks in the industry. It has been two years since the bank came into operation, and she recalled that no bank has built a head office building in this age.
The completion of the building according to the bank’s plan will enable it to provide interest-free banking services in a better way, and it will meet the criteria that indicate the strength of a financial institution, such as human resources, efficient operations, capital size, and a healthy financial system, and the construction of the building will increase its wealth.
The bank signed a contract with the Addis Ababa Land Administration for the 4,135 square meter area used for the construction of the headquarters building and paid the lease advance.
The bank’s information also indicates that it is working together with Ledta Sub-city to implement the proper treatment of development initiatives according to the law. It is known that Zamzam Bank has reached 4.5 billion birr in deposits and has reached more than 75 branches.
The Bank’s total assets reached 6.9 billion birr and have announced that the Bank has increased its loan amount to four billion birr by introducing new financial services that are completely interest-free, such as mudaraba investment, diminishing musharakah, This indicates that ZamZam has used about 80 percent of the total collected deposits.
The Bank also announced that it will introduce new services to the industry by looking at the gaps in the provision of interest-free banking services by working in coordination with other banks to properly finance this money for the users, especially since the amount of deposits being collected by interest-free banking services is growing.
Read more about ZamZam Bank and its services here at our full review(ZamZam Bank review)