“Halal Pay”: A Groundbreaking Leap in Digital Islamic Finance in
Ethiopia Surpasses 1 Billion Birr
In a
landmark move reflecting profound shifts in Ethiopia’s Islamic finance sector,
the Immigration Bank announced that the financing provided through its digital
application, “Halal Pay” (Halal Pay), has exceeded 1 billion Ethiopian birr
(approximately 18 million USD) via its electronic Murabaha service. This
first-of-its-kind experience in the country highlights the accelerating
innovation in Sharia-compliant financial services.
Advanced Services and Broad Financial Inclusion
The app
offers an innovative model combining technology with Sharia-compliant
principles. It provides a digital wallet and interest-free Islamic financing,
without the need for collateral or complex procedures, making it accessible to
a wide segment of society, especially those previously excluded from the
traditional financial system. This step significantly advances financial
inclusion in the country.
Tangible Economic and Social Impact
In less
than a year, the app has reached over 1.3 million users and provided services
to more than 3,000 small and medium enterprises, while enabling a large number
of women and youth to access financing. This reflects an economic and social
impact that goes beyond mere financial services, extending to the support of
job creation and productive activities.
Fast and Flexible Financing Without Barriers
“Halal
Pay” allows users to obtain financing of up to 1 million Ethiopian birr
interest-free, without visiting branches or providing collateral. This
represents a radical transformation in user experience, making finance faster,
closer, and more flexible, especially in regions where access to banking
services is challenging.
This
achievement marks an important step toward building a Sharia-compliant economic
system and reinforces the role of technology in supporting Islamic finance. It
opens new opportunities for the national economy and strengthens confidence in
alternative financial models, offering a successful framework that balances
efficiency and economic justice.
Ethiopia,
located in the Horn of Africa with a population of around 120 million, is one
of the continent’s largest emerging economies. The Muslim community constitutes
over 40% of the population, with growing interest in recent years in
Sharia-compliant financial services.
(Source:
Negash TV)
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