IsDB Institute Empowers Ethiopian Banking Sector with capacity-building Program

By InstinctBusiness Mar 18, 2024 0

The Islamic Development Bank Institute (IsDBI) has delivered an Islamic banking capacity-building program for the Ethiopian banking sector. Organized with the theme, “Unlocking the Potential: Practical Insights for Islamic Banking Success”, the training program was held in Addis Ababa, Ethiopia from 4-7 March 2024.

Over 35 senior management and board-level officials from several Ethiopian commercial banks participated in the program. The program was formally inaugurated by H.E. Solomon Desta, Vice Governor of the National Bank of Ethiopia.

Focusing on competitive product development and strategic business growth through an enabled ecosystem, the training adopted a ‘train-the-future-trainers’ approach. The program was designed to help accelerate the growth of Ethiopia’s interest-free banking sector and contribute to national financial inclusion and economic development.

The training sessions included interactive group work where participants from different banks collaborated to design innovative, Shari’ah-compliant financial products tailored to the local market while complying with the existing regulatory framework.

Participants collectively discussed a strategic roadmap for the sector’s future growth. This roadmap considered current strengths and untapped potential within the banking sector, providing recommendations to various stakeholders on improving the ecosystem and facilitating the further expansion and inclusivity of interest-free banking in Ethiopia.

The program was developed in-house by the IsDB Institute. The delivery was led by Mr. Syed Faiq Najeeb, Senior Islamic Finance Specialist, supported by a training consultant, Dr. Farrukh Habib.

Overall, the program was widely appreciated by the participants as a much-needed capacity boost to the practitioners of interest-free banking products in Ethiopia. The training program formally concluded with closing remarks by Mr. Frezer Ayalew, Director of Banking Supervision at the National Bank of Ethiopia.