ZamZam Bank Charts Growth with Interest-Free Banking


ZamZam Bank Charts Growth with Interest-Free Banking

ZamZam Bank closed the fiscal year with a net profit 110.3 million Br, an increase of 55.95 million Br or 103pc year-over-year. This followed income reaching 857.9 million Br, against expenses of 710.2 million Br. The Bank's income surged by 93pc, while expenses increased by 42pc. The Bank's financing and investment portfolio reached 4.63 billion Br, a 25pc increase compared to the previous year. Of this, a substantial portion of 3.12 billion Br was channelled towards financing activities. The country’s first fully-fledged interest-free bank held its annual general assembly in Millenium Hall last week and released its annual report for the financial year 2023/24. The board showcased growth and expansion with total assets reaching 9.38 billion Br, a 36pc increase from the previous year. Paid-up capital also saw a rise to 2.05 billion Br, a 21pc increase. Deposits grew by 38pc, totalling 6.87 billion Br. ZamZam Bank expanded its reach to 84 branches, adding 9 new branches, a 12pc increase. The bank successfully mobilized 30.47 million dollars during the fiscal year, marking a growth of 56pc compared to the previous year. Looking ahead, Nassir Dino (PhD), board chairperson, stated the Bank aims to execute its new strategic plan, enhance its digital banking footprint, and diversify its product offerings while Melika Bedri, president of the Bank, pointed to the milestone of securing a plot of land in the so-called financial district. The Bank has also been focusing on digital banking and IT infrastructure, recently releasing an un-collateralized digital financing project called Ansar in association with Kifiya Financial Technology.


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