EagleLion System Technology and Dashen Bank launch interest-free banking service

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