Ethiopian Bank To Provide İnterest-Free Funds For Pilgrims

16.06.2014 22:32

An Ethiopian bank has signed an agreement with the Islamic Affairs Supreme Council to provide an interest free savings account for Muslims going on pilgrimage.

An Ethiopian bank has signed an agreement with the Islamic Affairs Supreme Council to provide an interest-free savings account for Muslims going on pilgrimage.



The account, dubbed "Lebeik," will allow Ethiopian Muslims to deposit money in savings for their Hajj and Umra pilgrimage, according to a statement issued following the signing of the agreement.



Under the agreement, the Oromia Cooperative International Bank will give money in interest-free credits for beneficiaries whose savings would not be enough to pay travel to the holy lands for the pilgrimage.



Established in 2008, the Oromia International Bank is the first private bank to implement interest-free banking in the Horn of Africa country.



Islamic banking was introduced in Ethiopia in 2013 in an effort to meet the demand of Muslims for usury-free banking services.



By Abdu Abdulkerim



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