Ramis edges closer to become the third interest-free bank in Ethiopia.
With a paid-up capital of 850 million Br, Zamzam Bank was the first full-fledged interest-free bank service provider in Ethiopia. It was followed by Hijra, which joined the financial sector with a paid-up capital of 700 million Br.
Ramis has collected 724 million Br in paid-up capital thus far, higher than the half a billion Br minimum threshold that would be applicable until the end of this month.
Had the bank was not able to meet the existing threshold, Ramis was supposed to collect seven billion Birr in paid-up capital, the new threshold that would be effective as of next month.
