Press Release
African Leaders of Interest-Free Finance Recognized in Ethiopia
AlHuda CIBE Organizes International Interest-Free Banking and Takaful Awards 2026 in Addis Ababa, Ethiopia
(August 18, 2026 - Dubai, UAE): AlHuda Centre of Islamic Banking & Economics (AlHuda CIBE) successfully organized the International Interest-Free Banking and Takaful Awards 2026 in Addis Ababa, Ethiopia, bringing together leading professionals, financial institutions, regulators, innovators and industry contributors from across Africa. The awards recognized outstanding leadership, innovation, inclusion, regulatory contribution and professional development in the rapidly evolving interest-free banking, Islamic finance and Takaful ecosystem.
The awards were presented in conjunction with AlHuda CIBE 6th International Interest-Free Banking & Takaful Forum 2026, providing a high-level platform to acknowledge institutions and individuals whose contributions are helping strengthen the foundations and future of Shariah-compliant financial services across the continent.
The International Interest-Free Banking and Takaful Awards 2026 recognized outstanding institutions and professionals for their contributions to Islamic banking, finance, Takaful, regulation, financial inclusion, and professional development. Open Space Financial Services Limited received the Best Financial Inclusion Initiative in Islamic Finance Award; ZamZam Bank S.C was honored as Best Interest-Free Bank of the Year; Dr. Mohamed Ahmed Ainab received the Best Shariah Scholar/Advisor Award; EcoBank Group was recognized as Best Pan African Banking Group; YEHULU SACCO received the Best SACCO of the Year for Interest-Free Financial Services Award; National Bank of Ethiopia received the Outstanding Regulatory Contribution to Strengthen the Interest-Free Banking Industry Award; Bank of Somaliland was recognized as Best Full-fledged Islamic Banking Regulator of Africa; Mr. Abdulkadir Wolela received the Outstanding Leadership in Interest-Free Banking & Finance Industry Award; Ms. Frehiwot Alemayehu was honored for Best Women Leadership in Takaful Industry; and Dr. Andualem Hailu received the Leadership in Interest-Free Investment Banking Award. Siinqee Bank – Interest-Free Banking (IFB) Wing received the Excellence in Retail & SMEs Financing Award, while Mr. Fikru Tsegaye Wordofa was recognized as a Knowledge Contributor for Islamic Financial Services. Nyala Insurance received the Best Takaful Product Innovation Award, and Global Insurance was recognized as the Pioneer Takaful Operator of Ethiopia.
Further recognition was given to Ms. Maseret Tesfaya for Best Women Empowerment Initiative in IFB; Tsedey Bank for Best Islamic SME Banking; Mr. Abdirahman Omar Ibrahim for Best Contributor to the Design of Full-fledged Islamic Regulations; Digaf Microcredit Provider S.C for Excellence in Product Innovation; Awash Bank for Excellence in Interest-Free Banking Development; Nib International Bank (NIB) for Outstanding Interest-Free Banking Growth & Inclusion; Mr. Ifa Kebebe Yadesa and Mr. Teshome Yiheyis for their Excellence Contribution to Professional Development Programs on Interest-Free Banking in Ethiopia; and Ethiopian Insurance Corporation for the Takaful Leadership & Innovation Award. These awards celebrate the remarkable achievements and leadership of institutions and professionals contributing to the growth and development of interest-free banking and Takaful across Africa and beyond.
Mr. Muhammad Zubair Mughal, Chief Executive Officer of AlHuda CIBE, said “The International Interest-Free Banking and Takaful Awards 2026 are a celebration of the people and institutions that are turning the principles of ethical, inclusive and Shariah-compliant finance into practical impact. Africa represents one of the most dynamic frontiers for the growth of interest-free banking, Takaful and Islamic financial services. Through these awards, AlHuda CIBE aims not only to recognize excellence, but also to encourage greater innovation, professional capacity, regulatory development and cross-border collaboration. We are proud to honor these African leaders and institutions in Addis Ababa and remain committed to supporting the continued development of a robust and inclusive interest-free financial ecosystem across the continent.”
The 2026 awards highlighted the breadth of progress taking place across Africa, from full-fledged interest-free banking and Islamic banking windows to Takaful, Islamic investment banking, microfinance, financial inclusion, regulation, product innovation and professional development. The recognition of both institutions and individual leaders reflects the collaborative nature of industry development, where regulators, banks, insurers, microfinance providers, scholars and professionals each play an important role.
Among the recognized institutions and leaders were organizations and professionals from Ethiopia, Nigeria and Somalia, demonstrating the growing regional momentum behind interest-free finance and the increasing importance of African expertise in shaping the future of the global Islamic finance industry.
AlHuda CIBE congratulates all award recipients and recognized institutions and appreciates their continued contribution to the development, innovation and professionalization of interest-free banking and Takaful in Africa.
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 provides state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Training 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: www.alhudacibe.com.
For Media Contact:
Ms. Shehla Hameed
Communication Associate
info@alhudacibe.com
Call: +971 50 842 1423
