Fortune News | Sep 03,2022
Jun 1 , 2023
Rammis Bank S.C., the latest entrant into the burgeoning interest-free banking industry, has achieved an impressive milestone in seven months since its launch, amassing 2.1 billion Br in subscribed capital from a shareholder base of over 8,000. This significant accomplishment sets a new competitive benchmark in the Islamic finance arena.
The Bank was slated to commence operations last month.
Abduljewad Mohammed, chairman of Rammis Bank's board, attributed a central role to the Sharia-compliant core banking system in bolstering the Bank's competitive edge. This state-of-the-art system, supplied by Singapore's Azentio Software Company, has been designed to meet the specific needs of interest-free banking, complying with the standards defined by the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI), a leading authority in Islamic finance regulations.
According to the Bank's President, Ali Ahmed Ali, the system's strategic advantage is its capability to facilitate periodic instalment payments that fully align with Sharia law's prohibitions on interest charges and receipts.
Ali plans to explore the distinctive opportunities inherent in the interest-free banking landscape to pursue profitable investment avenues. Echoing the underlying principles of Islamic banking, Ali emphasized that Rammis Bank will engage in transactions that extend beyond mere financial exchanges to embody risk and profit-sharing partnerships.
Rammis Bank is preparing to mark its official launch at its purpose-built nine-story headquarters, the Rammis Tower, on Africa Avenue (Bole Road). This strategic placement underscores the Bank's ambition to carve a significant niche for itself in the rapidly evolving interest-free banking industry.
The foray of Rammis Bank into this financial segment signifies a transformative shift towards alternative financial practices. Its founders believe that achievement in raising considerable initial capital and deploying a Sharia-compliant banking system paints a promising picture for the future of interest-free banking in the country.
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