Nov 23 , 2019
The Commercial Bank of Ethiopia opened a branch in Jimma, Oromia Regional State, entirely dedicated to interest-free banking. The service generally targets individuals and institutions that do not want interest on their deposits for religious reasons. Called the Al Bereka branch, it opened on November 16, 2019. It was inaugurated in the presence of the mayor of the city, members of the bank's interest-free banking advising committee and Bacha Gina, president of the state commercial bank. "The opening of the branch will go a long way in widening the bank's customer base," said Bacha. The bank launched interest-free banking six years ago in 23 selected branches in Addis Abeba. It also launched the first branch fully dedicated to this service on September 7, 2019, in the capital. The branch is called Billal Branch. The Bank offers the interest-free banking service in around 1,400 branches, where 2.1 million customers are using it and have 24 billion Br in deposits. Established in 1942, CBE has almost twice the assets, capital and profits of all the 16 private banks in Ethiopia combined.
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