International Finance
Islamic Banking

Islamic banking strengthens its presence in Ethopia

Islamic Banking and Finance, Islamic banking, Ethopia, Muslim population, AlHuda Center of Islamic Banking and Economics, Dashan Bank in Addis Ababa, Economic Development, Foreign Direct Investment, Islamic Insurance, Islamic Microfinance, Islamic capital markets
Nearly 10 commercial banks are offering Islamic banking services in the country, and three more banks are in progress

The total population in Ethopia is 102 million and 40% of the population comprises of Muslims.

Mr. Muhammad Zubair, the CEO of AlHuda Center of Islamic Banking and Economics highlighted his views on the sector during the Islamic Banking workshop hosted by  AlHuda and Dashan Bank in Addis Ababa. In his opinion, Islamic Banking will not heighten financial inclusion in the country but focus more on Economic Development and Foreign Direct Investment that will in turn reduce poverty in the country.

A press release reads “Addressing to the workshop participants by recognising AlHuda services, Mr. Mesfin B. Yimam the Director of Interest free banking- Dashan Bank, said the demand of Islamic banking in Ethiopia is increasing tremendously and alike workshops would help to promote Interest free banking in the country. It is important to note that AlHuda Center of Islamic Banking and Economics aims to organise an International Islamic Banking conference in October 2018 in Ethiopia and 25 African countries are expected to participate in the conference.”

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