An interest-free credit service “IFB DubeAle” with up to 700,000 Br credit limit was availed last week. Powered by one of the largest private commercial banks, Dashen Bank, the platform which aligns to Sharia principles was launched in partnership with EagleLion Technology. According to Tibebu Solomon, deputy CEO and Chief Banking Operations Officer at Dashen Bank, the technology operates on a sale contract basis, allowing customers with an interest-free account at the bank to access credit upon request and flexible repayment terms of up to a year. Tibebu said customers can use their fixed assets as collateral or provide a third-party guarantee. They can also secure the credit with cash deposits in the bank (in local or foreign currency).
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