Africa

Ethiopia’s first interest-free bank is gaining popularity

The first interest-free bank in Ethiopia, Zamzam, according to media reports, has sold a record number of shares in the history of Ethiopia’s financial sector. A local business news source said the bank sold $ 400 million in shares. This was reported by the Ethiopian news resource Borkena. The maximum number of shares acquired by an individual does not exceed 5% of the total authorized capital of the bank in accordance with the regulations of the National Bank of Ethiopia. The minimum portfolio of shares was 20 pieces with a total value of 1,000 Ethiopian birrs (about 30 US dollars).

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