Zemen Bank announced the launch of its Interest Free Banking (IFB) service on June 25, 2026 under the name Z-Qamar that marks a significant milestone in the Bank’s commitment to providing inclusive, customer-centric, and innovative financial solutions.
On the occasion, the Guest of Honor, Sheikh Abdulkarim Sheikh Bedredin, First Vice President of the Ethiopian Islamic Affairs Supreme Council, made keynote remark expressing his strong confidence that Zemen Bank, through its newly launched interest-free banking service, will provide superior service to customers by strictly adhering to and implementing Shari’ah principles.
Wro. Enye Bemir, Chairperson of the Board of Directors of Zemen Bank, emphasized the significance of the product in her message delivered during the program, stating: “This product will open up new market opportunities for our Bank, expand our customer base, strengthen our deposit portfolio, and enable us to establish a strong position in our country’s rapidly growing interest-free finance services.”
During the ceremony, Ato Dereje Zebene, Chief Executive Officer of Zemen Bank, announced the launch of Zemen Bank’s interest-free banking service, “Z-Qamar.” In his remarks, he expressed his delight for the launch and noted that the service reflects the Bank’s commitment to providing modern and Shari’ah-compliant financial solutions. Additionally, he stated, “I warmly invite people from all walks of life to take advantage of Z-Qamar, a modern, reliable, and Sharia-compliant banking service designed to meet the outstanding financial needs of our community.”
In his remarks, Ustaz Abrar Shifa, Chairman of the Sharia Advisory Board of Z-Qamar Interest-Free Banking emphasized the Board’s commitment to ensuring full compliance with Sharia principles. He noted, “As members of the Sharia Advisory Board, we areresponsible for ensuring thatall products and services offered under Z-Qamar are developed and delivered in accordance with Sharia principles and standards.”
Derived from the Arabic word meaning “Moon,” “Qamar” symbolizes beauty, serenity, and illumination. “Z” represents Zemen Bank. The new service reflects Zemen Bank’s aspiration to provide banking services that empower customers while upholding the highest standards of service.
Z-Qamar will operate in full compliance with regulatory frameworks and Shari’ah principles, offering customers inclusive, reliable, and value-driven financial solutions. Through this service, Zemen Bank seeks to meet the growing demand for Interest-Free Banking products while ensuring that customers have access to banking services that align with their values and financial aspirations.
The introduction of “Z-Qamar” further strengthens Zemen Bank’s position as a trusted and innovative financial institution that embraces diversity and promotes financial inclusion. The service is designed to serve customers seeking Shari’ah-compliant banking solutions without compromising on convenience, quality, or modern banking standards.
