The country's third full-fledged interest-free bank, Rammis, has been given the go ahead to proceed with establishment. Its first general assembly is to take place at the beginning of October 2021. Amid the rush to meet the central bank's deadline to be established with a minimum paid-up capital of half a billion Br within six months, Rammis has gathered a subscribed capital of two billion Birr, of which 724 million Br is paid up. The central bank kicked up the minimum paid-up capital requirement 10-fold to five billion Birr in April this year. Following the general assembly and signing of its shareholders, Rammis will seek an operational license from the central bank. The first full-fledged interest-free bank, ZamZam, began operations this year followed by Hijra Bank, which opened its first branch a few weeks ago.
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