23.12.2011 - Ethiopia to have its first Islamic bank by the first half of next year
Ethiopia is expected to have its first Islamic bank by the first half of next year when Zam Zam Bank, currently in its formation stage, will start operations. Zam Zam Bank has been established but not operating since 2008 when the country's central bank, the National Bank of Ethiopia, amended the country's banking regulations to allow interest free banking. By August this year, officials of the bank, currently trading as Zam Zam Bank Share Company, said they had raised ETB330m ($19m), surpassing the initial target of ETB250m ($14.4m)...............................................Full Article: Source
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