Awash Opens Three Full-fledged IFB Branches

Jan 18 , 2020


[ssba-buttons]

Awash Bank has opened three new full-fledged interest-free banking branches, pushing the total number to four. Bole Michael, Sebategna and Berbere Tera are the new branches that will offer exclusively interest-free banking services. The Bank opened its first full-fledged interest-free banking service in Bethel, Addis Abeba in November 2019. Awash named the interest-free banking service 'Ikhlas', which is roughly translated as "sincerity, purity or isolation." The Bank, which has about 180,000 IFB customers, has mobilised 3.3 billion Br in deposits through the service. The Bank has been providing interest-free banking services through a separate window at all of its 430 branches. Plans have also been mapped out to open more branches in Nekemt, Jimma, Shashemene, Bale Robe, JiJiga, Adama, Dire Dawa, Harar, Halaba and Deli.


Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...