Zemen Bank has officially launched “Z-Qemer,” a new interest-free banking service designed to provide modern financial solutions aligned with Shari’ah principles. The launching ceremony highlighted the bank’s commitment to expanding its product portfolio and promoting financial inclusion by addressing the specific needs of customers seeking ethical, interest-free alternatives in Ethiopia.
The official launch event was attended by high-profile figures, including Sheikh Abdulkarim Sheikh Bedredin, First Vice President of the Ethiopian Islamic Affairs Supreme Council. During the ceremony, Sheikh Abdulkarim expressed his confidence that Zemen Bank would deliver high-quality, reliable services while strictly adhering to Shari’ah financial laws.
Bank leadership emphasized the strategic importance of the new service to the institution’s growth. Chairperson of the Board of Directors, Ms. Ando Biamr, explained that the “Z-Qemer” product line is projected to significantly strengthen the bank’s deposit mobilization and expand its overall asset base by tapping into a previously underserved segment of the market.
Following the chairperson’s remarks, Zemen Bank Chief Executive Officer, Mr. Dereje Zebene, extended an invitation to both existing and potential customers to utilize the new platform. He assured the public that the service is highly secure, efficient, and fully integrated into the bank’s modern financial infrastructure.
Detailing the product’s identity, Ustaz Abdur Shafi, Chairman of the Shari’ah Advisory Board, noted that the letter “Z” represents Zemen Bank, while “Qemer” translates to “Moon” in Arabic, symbolizing beauty and light. He concluded that the service successfully bridges the gap between modern financial convenience and religious principles.