Zamzam bank is the first bank to get a license from the National bank of Ethiopia to operate as a full-fledged interest free bank in the country. The bank was a pioneer because it started preparation to establish a full-fledged interest free bank since 2008 when a proclamation was issued that allow such banks to operate. However, this was short-lived when the government enforced that interest-free bank should function alongside conventional one which was not conducive for the founders and shareholders. This led the bank to refund the collected sum to its shareholders.
After almost a decade, a new proclamation was issued allowing full fledged interest free banks to operate in the country. As a result, ZamZam managed to collect a paid up capital of 880 million birr which exceeds the minimum requirement set by NBE by 60% and the value subscribed capital reached 1.8 billion.
Carrying a huge responsibility at its back and with the strong commitment & vision of its shareholders and professional employees, ZamZam plans to focus on the advancement of banking technology and customer oriented strategy starting from the first day of its operation. It strives commitment and innovative approach to deliver the best financial solution and customer satisfaction in the market throughout its journey.
“To be the Leading Sharia Compliant and All – Inclusive Bank in Africa by the Year 2030”
“We are committed to demonstrate Sharia principles in harnessing sustainable financial resources, being a model of excellence through digitization and competent work force to realize our stakeholder’s values”