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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