Ethiopia: CBE Says Providing Muslim Community With Auxiliary Banking Service

3 November 2023
The Ethiopian Herald (Addis Ababa)
By Esseye Mengiste

-CBE Noor facilitates access to interest free banking service

Commercial Bank of Ethiopia (CBE) stated that CBE Noor has helped all Muslim community members, who are away from banking services due to interest access to banking services.

Speaking at the occasion for celebrating the 10th anniversary of CBE Noor, an interest-free banking service launched in 2013, yesterday, Commercial Bank of Ethiopia President Abie Sano said that CBE Noor has enabled customers, predominantly the Muslim community, who are away from banks due to interest to benefit out of the banking services.

He said: "The service has been widely accepted by the society over the last 10 years and is significantly expanding. CBE Noor has facilitated unbanked customers to enjoy banking and satisfying demand using as an alternative scheme in addition to interest-based banking services; interest- free banking services are currently widely accepted, expanded and grown."

CBE Noor Service has embraced the society who moved away from banking services ten years ago, and continues benefiting customers by implementing procedures compatible with principles of Sharia, which in turn fit the teachings of the religion, he added.

As to President Abie, there are some reasons to the establishment of CBE Noor interest free services, like the government had the responsibility to providing alternative banking services to the Muslim community and banks have to accommodate the interest of citizens instead of merely serving those who would like to enjoy having interest-based banking services.

Vice president of CBE Noor with Commercial Bank of Ethiopia, Nur Hussein on his part said that CBE Noor service has been providing the community with reliable service by opening 153 branches in different parts of the country.

As to him, currently, the number of CBE Noor customers has reached 6.4 million and the capital has reached 98.2 billion Birr.

CBE will continue strengthening efforts to make all segments of society benefitted out of modern banking services. It is to be recalled that the CBE Noor service was launched in 2013 at Abakoran and Anwar branches.

Read the original article on Ethiopian Herald.

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