Interest Free Banks (IFB) in Ethiopia Latest News


Shabelle Bank to open its doors as country’s third IFB

The third interest free banking (IFB) provider, Shabelle Bank, is to commence operation with dual head quarter concept.
The bank which was formed with the merger of one of the strongest micro finance institutions, Somali Micro Finance Institution (SMFI) and the under formation Shabelle Bank, has officially received its commercial banking license to boost its operation under full-scale financial scheme.

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Hijira Bank’s Board Receive Approval

The National Bank of Ethiopia (NBE) has given the green light to the founding board of directors of Hijra, the second under establishment, full-fledged interest-free bank in the country. Issued on September 14, 2020, under the signature of Frezer Ayalew, director of banking supervision at the central bank, the letter approved the nomination of the 13 board members drawn from the academia, law, ICT, finance and business arenas.

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Products and Services in Ethiopia

Date: Apr 19, 2023
Currency (Code) Buying Rate Selling Rate
US DollarUS Dollar(USD)54.067955.1493
Pound SterlingPound Sterling(GBP)64.213165.4974
UAE DirhamUAE Dirham(AED)13.323413.5899
Saudi RiyalSaudi Riyal(SAR)13.045613.3065
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