Bank of Abyssinia is a pioneer in introducing non-interest-bearing account services targeting the community segment that opted for interest-free banking services. BoA has launched window-based IFB services in its branches stretching all over the country in December 2017 following the NBE’s directive that allowed for the initiation of interest-free banking business in Ethiopia. The IFB services are aggressively growing and being rendered in all branches of the bank (724 branches) in a dedicated window model and 28 dedicated branches which are intended to deliver only Sharia-compliant products/services as well as 26 focused branches in selected potential areas in Addis Ababa and regional towns. The bank is able to mobilize a total deposit amount of Birr 10.2 billion from its more than 885,457 customers as of September 30, 2021. The Bank has also begun supporting IFB clients by availing different IFB financing products to different economic sectors.

Bank of Abyssinia is providing a Wadia deposit account service (Saving and current) under wadiah yad dhamanah concept. Wadiah yad dhamanah means safekeeping with a guarantee.

It is a mode of financing where BOA sells a specified asset at a mutually agreed profit rate added on the purchase cost to be repaid

All our IFB products and Services being provided are certified by our sharia’ advisors and they ensure that our services and products are being delivered in compliance with sharia’ principles