| ZamZam, the under formation Islamic bank officially announced that it failed to launch its operation of interest free banking. The board of directors of the bank told shareholders, the full Islamic banking operation will not be visible due to the National Bank of Ethiopia (NBE) directive that was ratified in September 2011, barring Islamic banking.
On the first extra ordinary meeting held at the Addis Ababa Exhibition Center on Saturday, June 2 the board offered three options for the share holders; undertaking Islamic banking injecting their capital on other banks and open a window, dissolving the bank and disburse back the raised capital or involve on other investment sector with the collected money...............................................Full Article: Source
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