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Central Bank Approves Debub Global Interest Free Banking Venture


Dr. Tesfaye Boru

The National Bank of Ethiopia (NBE) has greenlighted Debub Global Bank's proposal to kick off an interest-free banking operation. Debub Global, which profited 1.1 billion Br in the last fiscal year, is going to avail Wadi'a saving, investment saving, financing services, international banking, foreign exchange services, bank guarantees, and remittance services through its IFB window. Several banks have already begun interest-free window operation services including, Dashen Bank, Bank of Abyssinia, Wegagen Bank, and the Cooperative Bank of Oromia. Debub Global, which was established in 2012, plans to begin operation in dedicated windows selected among its 110 branches in Addis Abeba and other cities. In 2008, the central bank issued a proclamation that allowed interest-free banking service, but it limited it to window service. A later directive issued, however, has relaxed the rules and allowed the establishment of fully-fledged interest-free banks, and the likes of ZamZam and Hijra are gearing up to start operations in the coming months.

Gallery

2020 in Posterity

January 5 , 2021

With an election initially expected to be held in 2020, the past year was supposed to be eventful. It did not disappoint. In fact, it outpaced expectations. Much of 2020 was talked about, analysed and debated. And thanks to technology, it was caught...

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

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PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

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Faces, Voices of Addis Abeba

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Mourning Nation, Grieving World

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Editorial

Atomised, Partisan Peace Initiatives No Match for War Camp's Rhetoric

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It could be customary to wish well for the holiday seasons. If only the New Year cele...

Catastrophic When Unbridled Nationalism Tramples Civism. Be Warned!

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What dominates a customary display of festivities during Ethiopia`s New Year weeks is...

Lacking Unity of Purpose, the World Risks Irrelevance in Ethiopia's Civil War

September 4 , 2021

Ethiopia has become a familiar topic at the United Nation’s Security Council, a pow...

Not Hoarding, War Exacerbates Inflation. Capping Prices Won't Do It

August 28 , 2021

The Central Statistics Agency (CSA) finally has an easily navigatable and pleasant lo...

Commentaries

The Path to Good Food for All in the Horn of Africa

September this year provides a unique opportunity in the quest to transform our food...

Dare to Challenge the Power of Cassation, Face the Die-Hard Sentiment of Justices

Previously, the rule and regulation of Ethiopia’s arbitration laws were found in th...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country’s most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or tw...

Editors' Pick

Agenda

Property Market Grinds to Halt

August 28 , 2021 . By HAWI DADHI

The streets of Addis Abeba are as varied as they are many, although too many of them have yet to be named. From the narrow alleyways of the...

Editorial

Real Federalism Should Go Deeper than Regional States

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There are a few without an opinion on Ethiopia’s federal structure, which is arranged along lingo-cultu...

Editorial

Clouds Gathering on Inflation, Policy Consistency Keeps the Rain at Bay

July 24 , 2021

There was an alarming increase in the price of Teffin August 2017. It suddenly skyrocketed from 2,000 Br...

Agenda

In the Shadow of War, Voters Give Electoral Verdict

June 26 , 2021 . By HAWI DADHI and SAMUEL BOGALE

This past Monday was the second time Belay Zerihun, a second-time voter, has had to stand in a long queue...

Sunday With Eden

COVID-19: Hard on Society, Crueler on Women

When a challenge comes that affects everyone, such as a global pandemic, it hurts low...

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Life Matters

'Thank You,' the Common Expression that's Not Common

If asked to name one of the most important phrases to humankind, I would probably say...

Chew on This Industrial Material

There is a viral video on TikTok that, at first glance, seems nothing more than a cooking tutorial. But it goes on, and it shows a woman gra...

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