OIB Inaugurated Dedicated Interest Free Banking Service Branches
Oromia International Bank S.C colorfully inaugurated five full-fledged Interest Free Banking (IFB) branches in Finfinne City namely Bilal, Ansuar, Amana, Bereka and Al-Nur branches.
OIB is known for pioneering IFB services in an objective of reaching the unbaked portion of the society due to their religious values. The Bank has been giving the IFB in all its branches in window service.
During the opening of the inauguration ceremony, OIB’s Acting President Mr. Teferi Mekonnen said that one of the unique characteristics of OIB is designing and crafting brand new strategies that have been playing an awakening role in Ethiopian Banking Industry, one of which is the introduction of IFB service in this country.
He acknowledged all individuals who played their irreplaceable role in introducing the Interest Free Banking service in Ethiopia specifically former OIB President Mr. Abie Sano.
Bank’s Board of Directors Chairperson Obbo Asegid Regassa on his part noted that OIB is proud of pioneering the IFB service after researching the high demand of the service in the country. He acclaimed the Sharia Advisory Committee who had been playing a significant role in encouraging the Muslim community to utilize the fully Sharia Compliant IFB service capitalizing on their knowledge and reputation thereby helping efforts to bank the unbanked capital.
Oromia Region Islamic Affairs President and OIB’s Sharia Advisory Committee Chairperson Sheik Hajji Ebrahim Tufa expressed his heartfelt appreciation to the Bank who first realized the unthinkable service in the country.
He called for the Muslim and non-Muslim community to make the most out of the service as it is not limited to the religion except for keeping Islamic rule while banking.
Government officials, Religious leaders, members of the Sharia Advisory Committee, key stakeholders and OIB’s Board of Directors and Senior Management attended the inauguration ceremony.
After opening the Bilal branch which is located at the Bank’s Head Office in the morning session, the Bank’s top management and invited guests opened Al-Nur branch in Merkato, on Dubai Tera building.