Interest Free Banking (IFB) Business at BoA

Bank of Abyssinia provides a specialized Interest-Free Banking service with a brand name of “AbyssiniAmeen” with unique product features and benefits. The product and services provided by BoA fulfill the need of our esteemed customers and fully in compliance with the Shari’a principles. The Bank has established Sharia advisors who have ample experience in commercial jurisprudence fiqeh, muamelat, and well known to the public at large and who ascertains every activity of the bank is performed in conformity with pertinent Sharia laws.

AbyssiniAmeen to Success

Ameen financial highlights

Bank of Abyssinia is a pioneer in introducing non-interest-bearing account services targeting the community segment that opted for interest-free banking services.

BoA has launched window-based IFB services in its branches stretching all over the country in December 2017 following the NBE’s directive that allowed for the initiation of interest-free banking business in Ethiopia.

The IFB services are aggressively growing and being rendered in all branches of the bank 928 Branches in a dedicated window model and 36 dedicated branches which are intended to deliver only Sharia-compliant products/services as well as 32 focused branches in selected potential areas in Addis Ababa and regional towns.

The bank is able to mobilize a total deposit amount of Birr 40.325 Billion from its more than 2 Million customers until October 31, 2025. The Bank has also begun supporting IFB clients by availing different IFB financing products to different economic sectors.

Our Products

IFB Deposit Accounts

Bank of Abyssinia is providing a Wadia deposit account service (Saving and current) under wadiah yad dhamanah concept. Wadiah yad dhamanah means safekeeping with a guarantee.

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IFB Financing Products

It is a mode of financing where BOA sells a specified asset at a mutually agreed profit rate added on the purchase cost to be repaid

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Our Shari’ah Committee

Haji Nuredin Dellil

Chairperson- Shari’ah Advisory committee

Vice chairman for Ethiopian Islamic affairs supreme council

Ustuze Muhammed Abate

Member of Shari’ah Advisory committee

Vice chairman for Addis Ababa Islamic affairs council

Sheikh Muhammed Ali

Member of Shari’ah Advisory committee

Sheikh Abdulaziz Abdulweli

Member of Shari’ah Advisory committee

Award and Certification

All our IFB products and Services being provided are certified by our sharia’ advisors and they ensure that our services and products are being delivered in compliance with sharia’ principles

Award

Certificate

All our IFB products and Services being provided are certified by our sharia’ advisors and they ensure that our services and products are being delivered in compliance with sharia’ principles

Recognition from Awolia relief and development organization

Abyssinia Bank has continued its “Abyssinia Ameen” interest-free service by awarding students and teachers in schools across several cities. Celebrating its rapid customer growth and the implementation of modern banking services. Showcasing the bank’s dedication to social responsibility and its positive impact on the community. In this effort, the development organization recognizes the good deeds for its unwavering contribution and becoming on its side.

Support for Oromia Islamic Affairs Council

In further recognition of the importance of religious institutions and interfaith cooperation, the bank extended a donation of one million Birr to the Oromia Islamic Affairs Council. This financial support is aimed at strengthening the Council’s community outreach programs, religious activities, and overall administrative capacity during the Ramadan season.

CSR Activities

Ameen Award -1 & 2

Abyssinia Bank, through Abyssinia Ameen held an entrepreneurial competition aimed at fostering entrepreneurial spirit and supporting economic growth, received 142 submissions, with 126 entries passing pre-screening up to final stage. Following a competitive selection process, 12 finalists will vie for a total prize of more than 2 million Birr.

Ameen School Award 1-4

Abyssinia Ameen carried out its CSR initiative, “Ameen School Award 1–4,” by allocating highest budget, covering Addis Ababa and surrounding districts. The program recognized 387 top-performing students (All grades) and 45 teachers from nominated schools. This initiative reinforced Bank of Abyssinia’s commitment to education and social responsibility while positively impacting its public image.

Charitable Donations

Demonstrating its continued support for charitable organizations and humanitarian causes, Abyssinia Ameen donated nearly one million Birr to two respected institutions: Bab-al Keyir Charity Organization, Ymeleketegnal charity Organization and the Wondim Kalid Foundation. These contributions are intended to assist their ongoing efforts in providing food, healthcare, education, and other essential services to underprivileged individuals and families during Ramadan and beyond.

Water Drilling Project

Abyssinia Bank, in partnership with the Nejashi Charity Organization, inaugurated a clean water well in Kokosa Woreda, as part of its Corporate Social Responsibility (CSR) initiatives. The event, attended by local officials, was well-received by the community. The program was held during the Eid al-Adha holiday. The initiative aims to address societal issues sustainably while enhancing the bank’s community presence.

Iftar Meal Sharing Program

As part of the bank’s commitment to social responsibility and community engagement during the holy month of Ramadan, an extensive Iftar meal-sharing program was successfully organized. This initiative took place across all districts located outside of Addis Ababa. The program focused on reaching vulnerable communities and was warmly received by beneficiaries and local stakeholders alike.