State-owned Interest-Free Banking Marks a Decade


State-owned Interest-Free Banking Marks a Decade

An interest-free banking service provided by the Commercial Bank of Ethiopia (CBE) recently celebrated its 10th anniversary. CBE Noor amassed 98 billion Br in deposits, with a network of 1,934 branches nationwide and approximately 6.4 million customers. Globally, the interest-free banking sector possesses an asset size of four trillion dollars. Executives disclosed that CBE Noor has contributed significantly to this scale, experiencing an average 126pc annual growth rate from deposit and investment accounts, financing and lending services, guaranteeing services, international trade support, money transfer, foreign exchange, and digital banking services. Yasmin Wahrebi, the deputy CEO of Ethiopian Investment Holding Group, emphasised that over 20 banks offer interest-free banking services, while four are full-fledged Islamic banks.

[ssba-buttons]

Radar

US Renews National Emergency, Sanctions on Ethiopia

The United States has extended the national emergency and sanctions on Ethiopia for another year under the African Growth & Opportunity Act (AGOA). Signed by President Donald J. Trump, the measure was first declared on September 17, 2021, through an executive order citing the conflict in northern region of the country as an "unusual and extraordinary" threat to U.S. national security and foreign policy. The extension, effective until September 17, 2026, keeps in place restrictions targeti...


Radar

Rockefeller Pitches Clean Cooking to Curb School Meal Emissions

A recent study has revealed the staggering environmental toll of school feeding programs. A single school serving 400 students can burn through the equivalent of 56 hectares of forest each year to fuel cooking. The Rockefeller Foundation flagged the health risks too, with most cooks, predominantly women, breathing smoke levels ten times higher than the World Health Organisation's safe limit. "If every school meal transitioned to clean cooking with electricity and solar, the emissions saved wo...


Radar

Sun-Powered Grid Brings Light to Qunbi District

A new 600KW solar mini-grid in East Hararge'sQunbi district has connected 2,200 households to electricity, marking a milestone in the recent rural electrification push. Ethiopian Electric Utility (EEU) laid seven kilometres of medium-voltage and 10 kilometres of low-voltage lines, installing four transformers to reach communities long cut off from power. Customers cover only meter and installation costs before accessing the service. The project is part of the national strategy to expand energ...