Ethiopia: Interest-Free Banking Edges Higher Despite Little Public Awareness

29 September 2018

column By Berhane Hailemariam

The Global Islamic Finance Report says that the Islamic financial services industry stood at 2.293 trillion dollars at the end of December 2016. This figure shows how IFB has been expanding across the world. Contrary to the universal situation, IFB service is generally in its infancy in Ethiopia, and the misconception that interest free banking is only used by followers of Islam and those that adhere to Sharia laws have contributed to its slow growth, reports BERHANE HAILEMARIAM, FORTUNE STAFF WRITER.

Musefa Mussa, in his late 30s, is the founder and manager of Wejiz Engineering Plc, a company that deals with export-and-import, real estate, building construction and consulting.

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