Archives: FAQs

Anyone who is engaged in shariah non-compliant business such as alcohol, arms weapons, and tobacco trade, The interest in income o ratio of the company exceeding 5%, Applicants engaged in producing, packaging, and processing of pork and its products, and Financial institutions dealing with interest  

Anyone who have IFB deposit account (Saving or Current) in any of BOA Branch, and whose account turnover is satisfactory. Anyone who is engaged in lawful and credit worthy business. For consumer Financing: – who have defined and sustainable source of income. Anyone who is viable as per the bank’s IFB financing procedure manual.

Money is not treated as a commodity though it is used as a medium of exchange and store of value. And also money has no religion. The owner of the money is God. So physical segregation is not the concern of shariah instead all collections and payments to and from this service should be recorded...

No, it can apply to the Non-Muslim religion applicants too ፡ individuals or business entities whose source of fund is  Shariah-compliant are allowed to use interest-free banking service.

Sheik Nuredin Delil Vice-chairman of board of directors at Federal supreme Islamic affair and chairman of BOA Sharia’h Board Ustaz Mohammed Abate Vice-Chairman of board of directors of Addis Ababa Islamic Affair and  BOA Sharia’h Board member

Shari’ah board comprises Islamic scholars who are experts in Islamic jurisprudence. Shari’ah board has the task of ensuring compliance with Islamic principles in products offered by Islamic Financial Institutions (IFIs).

Prohibition of unfairness and unjustice Prohibition of Riba (usury) Prohibition of Gharar (Deception and Speculation) Prohibition of Gambling Prohibition of money trading (many is not a commodity rather it is a medium) Prohibition of dealing in unlawful and unethical goods and services

Shariah is a body of Islamic Law

Individuals who run Sheria permitted business and agree to disclose their source of fund to check whether it is running based on sheria principles or not are allowed to use interest free banking services.

It is a banking business in which mobilizing or advancing funds in a manner consistent with Islamic Finance principle (Shari’ah) and mode of operation that avoids receiving or paying interest.