Jun 1 , 2023
Rammis Bank S.C., the latest entrant into the burgeoning interest-free banking industry, has achieved an impressive milestone in seven months since its launch, amassing 2.1 billion Br in subscribed capital from a shareholder base of over 8,000. This significant accomplishment sets a new competitive benchmark in the Islamic finance arena.
The Bank was slated to commence operations last month.
Abduljewad Mohammed, chairman of Rammis Bank's board, attributed a central role to the Sharia-compliant core banking system in bolstering the Bank's competitive edge. This state-of-the-art system, supplied by Singapore's Azentio Software Company, has been designed to meet the specific needs of interest-free banking, complying with the standards defined by the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI), a leading authority in Islamic finance regulations.
According to the Bank's President, Ali Ahmed Ali, the system's strategic advantage is its capability to facilitate periodic instalment payments that fully align with Sharia law's prohibitions on interest charges and receipts.
Ali plans to explore the distinctive opportunities inherent in the interest-free banking landscape to pursue profitable investment avenues. Echoing the underlying principles of Islamic banking, Ali emphasized that Rammis Bank will engage in transactions that extend beyond mere financial exchanges to embody risk and profit-sharing partnerships.
Rammis Bank is preparing to mark its official launch at its purpose-built nine-story headquarters, the Rammis Tower, on Africa Avenue (Bole Road). This strategic placement underscores the Bank's ambition to carve a significant niche for itself in the rapidly evolving interest-free banking industry.
The foray of Rammis Bank into this financial segment signifies a transformative shift towards alternative financial practices. Its founders believe that achievement in raising considerable initial capital and deploying a Sharia-compliant banking system paints a promising picture for the future of interest-free banking in the country.
Fortune News | Dec 20,2025
Fortune News | Jun 07,2026
Radar | Jul 03,2021
Money Market Watch | Dec 13,2025
Viewpoints | Apr 22,2023
Photo Gallery | 190294 Views | May 06,2019
Photo Gallery | 180035 Views | Apr 26,2019
Photo Gallery | 176697 Views | Oct 06,2021
My Opinion | 142407 Views | Aug 14,2021
Jun 27 , 2026
The federal legislative house rushed through one of the country's most contentious ho...
When Parliament takes up the appropriation bill, federal legislators will receive a d...
Jun 13 , 2026
The recent policy decision to fully open freight forwarding to foreign capital may be...
Jun 6 , 2026
For a political veteran as controversial as Getachew Reda, last week's national elect...
Loading your updates...