EagleLion System Technology and Dashen Bank launch interest-free banking service
Date: 2024-08-20
EagleLion System Technology plc has partnered with
Dashen Bank to introduce the DubeAle Interest-Free Banking (IFB) Buy Now Pay
Later service, tailored specifically for Ethiopia's Muslim population. This
innovative financial solution adheres to the core principles of Islamic
finance, prohibiting interest (riba) while promoting ethical lending practices.
The DubeAle-IFB initiative allows customers to engage
in interest-free transactions, enabling them to make purchases and pay over a
period of three, six, or twelve months without incurring any interest or profit
markup. With a maximum spending limit set at ETB700,000, transactions can be
facilitated seamlessly through the DubeAle application.
This partnership is aimed not only at addressing the
financial needs of Ethiopia's 50 million Muslims, who have been underserved
despite the growth of Islamic banking in the country but also creating a more
inclusive financial environment that aligns with the values of the Muslim
community, promoting ethical financial practices and economic empowerment.
By:
Nana Appiah Acquaye
