Addis Ababa, Ethiopia (22 March 2023)

Dashen Bank, a leading financial institution based in Addis Ababa, Ethiopia, has announced that it has provided interest-free financing of more than 5 billion birr over the past 5 years.

The bank started its service by introducing an interest-free banking service called Sharik, which was the first of its kind in the Ethiopian banking industry. The service has been a huge success, with over 600,000 users and more than 7 billion birr in deposits collected.

Dashen Bank has achieved this success by preparing its own policy and procedure frameworks, empowering human resources in the sector, and establishing an independent Shariah Advisory Council. The service is now being provided by 62 branches that offer completely interest-free banking services, and the one-window service is being provided in about 700 branches.

Last year alone, the amount of loans given by the bank in this sector was more than 4.3 billion birr, which showed a growth of 92.3 percent compared to the previous year.

Source: Dashen Bank

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Hanna is an aspiring economist in her final year at Addis Ababa University. She has written hundreds of insightful daily stories, analyses, and features about the Ethiopian economy and beyond.

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