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Ethiopia's Zam Zam Bank to open next year.

Ethiopia is expected to have its first Islamic bank by the first half of next year when Zam Zam Bank, currently in its formation stage, will start operations. Zam Zam Bank has been established but not operating since 2008 when the country's Central Bank, the National Bank of Ethiopia, amended a·mend  
v. a·mend·ed, a·mend·ing, a·mends
1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.

 the country's banking regulations to allow interest-free banking. By August this year, officials of the bank, currently trading as Zam Zam Bank Share Company, said they had raised $19 million, surpassing the initial target of $14.4 million. A presentation made to prospective investors indicates that the bank requires working capital of $14.6 million, which will be kept in escrow escrow

Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition.
 until 30 June 2012. Ethiopian law, however, limits the ownership of interest-free banking institutions to locals, thereby shutting out potential foreign investors.

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Publication:Islamic Business & Finance
Date:Jan 31, 2012
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