Zemen Bank has launched its interest-free banking service, Z-Qamar, joining the country's expanding Sharia-compliant finance market as it seeks to broaden its customer base and diversify revenue streams. Speaking at the launch on June 26 at the bank's headquarters on Ras Abebe Aregay Street, Chief Executive Officer Dereje Zebene said the service represents the culmination of a long-term strategy rather than the introduction of a standalone product. "This service is not a new banking product; rather, it is the next chapter of a 17-year journey," he said. The bank has spent the past two years developing the operational, governance and compliance frameworks required to roll out the new service.

[ssba-buttons]