State-owned Interest-Free Banking Marks a Decade


State-owned Interest-Free Banking Marks a Decade

An interest-free banking service provided by the Commercial Bank of Ethiopia (CBE) recently celebrated its 10th anniversary. CBE Noor amassed 98 billion Br in deposits, with a network of 1,934 branches nationwide and approximately 6.4 million customers. Globally, the interest-free banking sector possesses an asset size of four trillion dollars. Executives disclosed that CBE Noor has contributed significantly to this scale, experiencing an average 126pc annual growth rate from deposit and investment accounts, financing and lending services, guaranteeing services, international trade support, money transfer, foreign exchange, and digital banking services. Yasmin Wahrebi, the deputy CEO of Ethiopian Investment Holding Group, emphasised that over 20 banks offer interest-free banking services, while four are full-fledged Islamic banks.

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Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


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NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


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Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...