Press Release

2nd International Interest-Free Banking and Takaful Forum Inaugurated in Addis Ababa, Ethiopia
2nd International Interest-Free Banking and Takaful Forum Inaugurated in Addis Ababa, Ethiopia

Interest-free Banking and Finance is Rapidly Growing Industry in Ethiopia

(February 19, 2020 (Dubai)): East Africa is emerging for Islamic Finance and a new destination for Interest-Free Financial Institutions which will open new avenue for the Foreign Direct Investment (FDI) in the region, it was stated by Muhammad Zubair Mughal, Chief Executive Officer of AlHuda Centre of Islamic Banking and Economics (CIBE) during the inaugural ceremony of 2nd International Interest-Free Banking and Takaful Forum sponsored by Cooperative Bank of Oromia, Path Solutions, Millennium Information Solution, and Global Insurance Co. today. Islamic Corporation for Development of the Private Sector (ICD) was multilateral partner for the forum. He said that, Ethiopian Interest-Free Banking and Takaful market is very imminent and seems promising.

The summit was inaugurated by Mr. Muhammad Zubair, Chief Executive Officer, AlHuda CIBE FZ LLE, Dubai- U.A.E. He welcome all the guest of honors, speakers and participants for attending this emerging phenomenon conference one of new of its kind in the region. He said that interest-free banking and finance is the ultimate financial solution due to its viability and sustainability. This system has multi-fold benefits which concentrate for the balanced wealth distribution. He also thrown light on the need of interest-free banking and financial services.

He further said that five new interest-free banks are ready to start its operations in the market including Zam Zam Bank, Hijre Bank, Zad Bank, Shabelle Bank, and Nijashi Bank. Morethan 10 interest-free window operations are also going to start their operations for the development of economy to strengthen the growth of the market and to uplift the living standards of the public. A few of the banks are also coming into the markets with stand-alone branches for interest free banking operation. Insurance industry is also participating with zeal and zest and two – three Takaful insurance companies are also starting the operations in insurance market.

H.E. Ali Asghar Golo, Ambassador of Pakistan in Ethiopia, appreciated AlHuda CIBE FZ LLE, Dubai- U.A.E. activities for the development of Interest-Free banking and finance in Africa and especially in Ethiopia. He mentioned that Ethiopia has enriched future for Interest-Free banking and finance and many banks are dealing with Interest-Free banking products in the country. He pertinently mentioned that AlHuda CIBE is play its role for the promotion of globally accepted alternative financial solution which is the only hope of financial stability. He further mentioned that there is absence of specific legal and regulatory framework to govern the Interest-Free finance industry which should be addressed timely. It not only will promote the interest-free banking and financial services but also enhance the economic growth of the region.

While speaking at opening ceremony, Hon. Monirul Islam, Ambassador Bangladeshi Embassy in Addis Ababa, Ethiopia said, Interest-Free banking and finance is growing globally and Africa is also a good destination of it. He warmly congratulated AlHuda CIBE for its role to introduce and promote Interest-Free banking and finance in East Africa.

Other speakers and distinguished guests include Mr. Mahmud Hossain- Chief Executive Officer, Millennium Information Solution FZ LLC, Dubai; Mr. Abie Sano- President, Oromia International Bank, Ethiopia; Mr. Ibrahim Miftah- Manager & Senior Business Advisor, INTWO Career and Business Development Center, (under formation) – Ethiopia; Mr. Syed Ahmed Zafar- Territory Account Manager – Sales, Path Solutions, Kuwait; Mrs. Jemila Kibret- Federal Courts Advocate, Ethiopia; Mr. Muhammad Ikram Thowfeek- Founder & Chief Ethical Officer, MIT Global & First Global Academy, Dubai; Prof. Ibrahim Adetokunbo Onaleye FCA- Executive Chairman, BRATON CENTRE for Islamic Economics, Finance and Shariah Audit – Nigeria; Dr. James R. Kanagawa- Chief Representative, ECO Bank – Ethiopia, Mrs. Hikmet Abdella- Director General of AABE, Accounting and Auditing Board of Ethiopia; Mr. Kamil Shamso- Shariah Advisor of Cooperative Bank of Oromia, Ethiopia; Mr. Azizi Said Gombera- Faculty of Business Administration, Muslim University of Morogoro – Tanzania; Mr. Shaikh Abdul Karim- Senior Consultant, Millennium Information, Solution FZ LLC, Dubai. (Former Head of Operations Control - Sharjah Islamic Bank); Mr. Frezer Ayaiew- Director, Banking Supervision Directorate, National Bank of Ethiopia, Ethiopia; Mr. Wordofa Fikru Tsegaye- Manager, Business Development and Corporate Affairs, Ethiopian Reinsurance S.C. –Ethiopia; Mr. Tarig Khalil Osman Mahmoud- Board Member - Head of Investment Committee, Chairman - United Insurance/ National RE, Sudan; Sh. Salah Nurahmed- Sharia Advisor, Coop bank of Oromia, Ethiopia; Mr. Asseged Gebremedhin- Deputy /CEO, Global insurance company SC, Ethiopia; Mr. Belay Tulu- Director, Insurance Supervision Directorate, National Bank of Ethiopia, Ethiopia; Mr. Ahmed A. Sherief- Board of Directors Chairman, Global Insurance Company, Ethiopia and Mr. Zubair Mughal Chief Executive Officer, AlHuda CIBE FZ LLE, Dubai- U.A.E. Two one-day post event specialized training workshops for “Operational, Technical and Shariah Aspects of Interest-Free Banking and Finance” and “Operational Aspects of Interest-free Banking and Takaful” will be held on 19th and 20th February, 2020 respectively.

About AlHuda CIBE: AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit:

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