Interest Free Banking (IFB) Business at BoA
Bank of Abyssinia provides a specialized Interest-Free Banking service with a brand name of “Ameen” 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.
Ameen 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 (545 branches) in a dedicated window model and 21 dedicated branches which is intended to deliver only Sharia-compliant products/services as well as 19 focused branches at selected potential areas in Addis Ababa and regional towns. The bank is able to mobilize a total deposit amount of Birr 4.5 billion from its more than 305,252 customers as of September 30, 2020. The Bank has also begun supporting IFB clients by availing different IFB financing products to different economic sectors.
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.
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
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
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