In Ethiopia, an Islamic loan in 2024 is by definition an Ethiopian halal funding facility granted by an Ethiopian Islamic bank that covers the financial needs of the Ethiopian Muslim community that applies the Sharia principles avoiding the use of Riba (interests).
In Ethiopia, the Islamic loan has the objectives to offer a halal financing solution to Ethiopian Muslims and non-Muslims who wish to avoid the payment of Riba for financing products such as Islamic mortgage, halal personal loan through an Ethiopian Islamic bank.
In Ethiopia, the halal loan is already utilized by Ethiopian conventional banks that carry out operations excluding usurious interests prohibited by Islamic Sharia with the aim to improve the financial inclusion of the Ethiopian Muslims and consists of the government's efforts to mobilize domestic resources to diversify the Ethiopian economy.
The Ethiopian Central Bank (NBE) has approved a directive that will pave the way for the creation of the full first Islamic bank in the country.
This new initiative will allow to any bank established in Ethiopia to carry out operations excluding usurious interests prohibited by Islamic Sharia. The objective of this measure to improve the financial inclusion of the Ethiopian Muslims and consists of the government's efforts to mobilize domestic resources to diversify the Ethiopian economy.
The Ethiopian Islamic bank which will have to adapt to sharia banking by prohibiting the usurious interest, by sharing losses and profits and by sharing the risks between the Ethiopian Islamic lender it and the Ethiopian customer.
ETHIOPIA'S ISLAMIC MORTGAGE LENDERS
HALAL MORTGAGE TAKAFUL INSURANCE STUDENT INSURANCE CAR INSURANCE ICELAND HOME INSURANCE REAL ESTATE INSURANCE LIFE INSURANCE BUSINESS INSURANCE TRAVEL INSURANCE HAJJ UMRAH INSURANCE FUNERAL INSURANCE MOSQUE INSURANCE AUSTRALIA INSURANCE GERMANY INSURANCE ISLAMIC CAR LOAN ISLAMIC MICROFINANCE WITHOUT INTEREST BUSINESS LOAN FOR WOMEN TAKAFUL MORTGAGE LOAN WITH POOR CREDIT ISLAMIC DEBT CONSOLIDATION DISABILITY LOAN STUDENT LOAN ISLAMIC LEASING LETTER OF CREDIT PERSONAL LOAN FOR STARTUP PRIVATE LOAN CROWDFUNDING CALCULATOR FOR WEDDING FOR EXPATRIATE ISLAMIC INSURANCE INDIA TAKAFUL ISLAMIC HEALTH INSURANCE USA TAKAFUL CANADA TAKAFUL UK TAKAFUL FARMER LOAN TAXI LOAN RAMADAN LOAN LIST OF ISLAMIC BANKS ALBANIA ALGERIA AUSTRALIA ISLAMIC COLLEGE SCHOLARSHIP BAHRAIN BANGLADESH BOSNIA-HERZEGOVINA BRUNEI CANADA CHINA DENMARK DJIBOUTI EGYPT ETHIOPA FRANCE INDONESIA IRAN IRAQ IVORY COAST JORDAN KAZAKHSTAN KENYA KUWAIT KYRGYZSTAN LEBANON LIBYA LUXEMBOURG MALAYSIA MALI MAURITANIA MOROCCO NETHERLANDS NIGERIA NORWAY FINLAND ISRAEL HONG-KONG GHANA RWANDA GAMBIA SIERRA-LEONE SOMALIA MYANMAR ANGOLA MAURITIUS OMAN PAKISTAN PALESTINE POLAND ISRAEL PHILIPPINES QATAR RUSSIA SAUDI-ARABIA SENEGAL SINGAPORE SRI-LANKA SUDAN SWITZERLAND SYRIA TAJIKISTAN TANZANIA CYPRUS JAPAN ARGENTINA BRAZIL AUSTRIA SOUTH KOREA MALDIVES WAKALAH WADIAH AMANAH SUKUK ISLAMIC CREDIT CARD WAAD ISLAMIC HEDGING MUSAWAMA MURABAHA QARD-UL-HASAN BAI-SALAM ISTISNA MUDARABAH IJARA IJARAH-THUMMA-AL-BA IJARAH-WA-IQTINA IJARA-MAWSOOFA-BI-AL-DHIMMA TAWARRUQ MUSHARAKA BAI-MUAJJAL-BAI-BITHAMAN-AJIL BAI AL INAH HAWALA KAFALAS RAHN THAILAND TUNISIA TÜRKIYE U.A.E UNITED-KINGDOM U.S.A UZBEKISTAN YEMEN AZERBAIJAN INDIA BELGIUM GERMANY IRELAND ITALY NEW-ZEALAND SPAIN SWEDEN BULGARIA KOSOVO SOUTH-AFRICA LONDON