Zam Zam Bank, Ethiopia's first interest-free bank, has announced plans to construct a 30-storey headquarters in the financial district of Addis Ababa at a cost of Birr 2 billion.

The bank's president, Melika Bedri, stated that the plot for the building had been approved by the city's Land Development and Management Office. Zam Zam Bank currently has a total deposit of Birr 4.5 billion and a total asset of Birr 6.9 billion, with over 75 branches across the country.

The bank aims to expand its services in compliance with Sharia law and provide finance without collateral to benefit society. Zam Zam Bank, which commenced operations in May 2021, was the first fully-fledged interest-free bank in Ethiopia.

Source: The Ethiopian Herald