ZamZam Bank Charts Growth with Interest-Free Banking


ZamZam Bank Charts Growth with Interest-Free Banking

ZamZam Bank closed the fiscal year with a net profit 110.3 million Br, an increase of 55.95 million Br or 103pc year-over-year. This followed income reaching 857.9 million Br, against expenses of 710.2 million Br. The Bank's income surged by 93pc, while expenses increased by 42pc. The Bank's financing and investment portfolio reached 4.63 billion Br, a 25pc increase compared to the previous year. Of this, a substantial portion of 3.12 billion Br was channelled towards financing activities. The country’s first fully-fledged interest-free bank held its annual general assembly in Millenium Hall last week and released its annual report for the financial year 2023/24. The board showcased growth and expansion with total assets reaching 9.38 billion Br, a 36pc increase from the previous year. Paid-up capital also saw a rise to 2.05 billion Br, a 21pc increase. Deposits grew by 38pc, totalling 6.87 billion Br. ZamZam Bank expanded its reach to 84 branches, adding 9 new branches, a 12pc increase. The bank successfully mobilized 30.47 million dollars during the fiscal year, marking a growth of 56pc compared to the previous year. Looking ahead, Nassir Dino (PhD), board chairperson, stated the Bank aims to execute its new strategic plan, enhance its digital banking footprint, and diversify its product offerings while Melika Bedri, president of the Bank, pointed to the milestone of securing a plot of land in the so-called financial district. The Bank has also been focusing on digital banking and IT infrastructure, recently releasing an un-collateralized digital financing project called Ansar in association with Kifiya Financial Technology.

[ssba-buttons]

Radar

Revenue Drive Intensifies Following 900 Billion Br Milestone

The Minister of Revenue announced plans to collect 1.28 trillion Br in the upcoming fiscal year. This announcement was made during a discussion forum organised by the Ministry of Revenue (MoR) and the Customs Commission, which included senior leaders, employees, and relevant stakeholders. The event, themed "We will achieve our mission through coordinated leadership and active participation of employees," served as the platform for this important announcement. According to the ministry, they s...


Radar

Parliament Endorses Electoral Law Change Tying Party Support to Member Contributions

Federal legislators have ratified a contentious amendment to the Ethiopian Electoral, Political Parties' Registration, and Elections Code of Conduct Proclamation, revising the criteria political parties must meet to access government funding. The revised proclamation requires political parties to secure at least 20pc of their income from membership contributions in order to qualify for government grants. The clause passed with a majority vote in parliament, with two votes against and four abs...


Radar

City Unveils Major School Expansion Across 11 Districts

Addis Abeba City Administration has launched 150 education projects valued at over 5.2 billion Br ahead of the 2026 academic year. Spread across the capital's 11 districts, the rollout includes 14 newly built schools and upgrades to 64 existing facilities, adding 1,655 classrooms alongside ICT labs, libraries, and sports fields. City officials say the investment is part of efforts to improve access and quality of education, with infrastructure designed to accommodate students with disabilitie...