Ethiopia’s premier receives Global Islamic Finance Award – New Business Ethiopia

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Ethiopia’s premier Abiy Ahmed received the 2022 Laureate of the Global Islamic Finance Award for efforts made in reforming Ethiopia’s finance sector and making it inclusive.

Prime Minister Abiy Ahmad was honored at a ceremony at the Djibouti Hotel Kempinksy on September 14, 2022.
shared during his speech that “in the last four years alone, Ethiopia’s banking sector nearly doubled in terms of total assets, deposits, loans and branch outreach.

He stated that the bank’s assets now exceed 2 trillion Ethiopian birrs, with an average annual growth rate of 25%. The policy reform created a favorable regulatory climate for the creation and operation of interest-free banks as well as Islamic windows in most of our traditional banks and financial institutions throughout Ethiopia.

According to Abiy Ahmed, Ethiopia’s interest-free banking market is now competitive and growing with close to 14 millions customers. Abiy Ahmed also stressed that Ethiopia is committed opening up the banking industry for foreign investment according to the statement of the Office of Prime Minster of Ethiopia.

It is worth mentioning that the Government of Ethiopia approved a regulation about a week back This will allow foreign banks in Ethiopia to open an account for the first time..

Source: newbusinessethiopia

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