Dashen Bank, in partnership with EagleLion System Technology, has launched an Interest-Free Banking (IFB) to its Dube Ale service known as "Dube Ale-Interest Free Banking" (DubeAle-IFB). This service introduces a Buy-Now Pay Later model, allowing customers to purchase goods and services on credit, all while adhering to Shariah principles.

DubeAle-IFB offers short-term financing through strategic partnerships with merchants, enabling customers to repay over three, six, or twelve months without any interest or profit mark-up. By blending financial flexibility with Islamic finance standards, the service aims to meet the needs of customers seeking ethical banking solutions.

Customers can access DubeAle-IFB by downloading the dedicated app from the Play Store. After registering, they must visit a nearby Dashen Bank branch to complete account verification.

Once verified, customers can make credit purchases from participating stores, both online and offline. The app also provides guidance on determining financing limits based on individual income.

To qualify for the service, employed customers are required to submit a letter from their employer confirming their income. Repayments can be made through Dashen Bank's Amole mobile banking platform or via automatic deductions from their bank accounts. The maximum spending limit for the service is set at Birr 700,000, with all transactions processed exclusively through the app.

Source: The Ethiopian Herald