Dashen Bank, the pioneer in commencing non-interest window operation in a separate brand, Sharik in 2018, announced that it would open nine full-fledged interest-free banking (IFB) branches in a view to enhancing its share in the blossoming market thereby financing more halal businesses. Dashen has so far opened three IFB dedicated branches in Adama, Dire Dawa and Dessie. Apart from the four branches that will be opened in Addis Ababa; plan set to establish additional five in different parts of the country until the end of the current Ethiopian fiscal year.
Approached by The Ethiopian Herald, Dashen's Corporate Interest Free Banking Department Director Feysel Abdu said that the bank has been hugely investing in branch network expansion and product diversification to boost its portfolio in Ethiopia's Islamic finance. According to Feysel, the bank has spent ample time to put in place meticulous preparation to establish IFB full-fledged branches that would operate all services of international Islamic banks. Noting that Dashen has been providing IFB service at window level in more than 424 branches, he stressed that the new move addressed the doubt some customers had about their deposits could mix with the conventional wing.
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