Interest Free Banking

Tsehay Bank devised specialized Interest Free Banking service with the brand name ‘Fajr’ which means sun rise in Arabic. Having its own colour and logo, Fajr offers different product features and benefits for customers.

Tsehay Interest Free Banking (IFB) carry out its services adhering to sharia’s principles of business to offer best satisfaction to Customers. The products and services provided by Tsehay bank fulfil the need of our esteemed customers and fully in compliance with acceptable Sharia’s principle. Accordingly, the bank has formed renowned Sharia advisory committee and summoned respected religious fathers as its IFB service advisors.

Tsehay Bank has already started providing all-inclusive banking services that encompass: deposit, finance, money transfer and international trade services. It accepts deposits and extends finance to permissible businesses.

Tsehay Bank, which commenced operations on July 23, 2022, has been providing its IFB services through windows dedicated model in all its branches. It has also launched two IFB-dedicated full-fledged branches in Addis Ababa and Sheger towns. It also plans to stretch the branches in selected potential areas in Addis Ababa and regional towns.

Tsehay Bank, which aspires to deliver an all-inclusive banking service to all sections of the society, taking into consideration its customers’ demands, will open similar branches in different parts of the country.

Eligibility

Individuals, private business entities and governmental institutions fulfilling the eligibility criteria of Tsehay bank can become beneficiaries of Tsehay ‘Fajr’.

Services

• Financing Services
• Interest-Free Export Financing
• Housing Finance for Diaspora
• Pre-Shipment Export Financing
• International Business Support
• Money Transfer
• Foreign Currency Exchange Rate
• Saving and Investment Accounts
• Digital Banking

 

IFB Saving Accounts

 

Wadiah Saving Accounts

• Wadia’h Ordinary Saving Account
• Wadia’h Hawa/Women Saving Account
• Wadia’h Amal/Youth Saving Account
• Wadia’h Teen Youth Saving Account
• Wadia’h Mussin/Elders Saving Account
• Wadia’h Halawa/Minor/Junior Saving Account
• Wadia’h Iqra/Education Saving Account
• Wadiah Tealun/Iddir Saving Account
• Wadia’h Haji/Labaik Saving Account
• Wadia’h Zakat Saving Account
• Wadia’h Mahr Saving Account
• Wadia’h Nikah/Wedding Saving Account
• Wadia’h Cash Indemnity Saving Account
• Wadia’h Senduq Saving Account
• Wadia’h Current/Checking/Demand Deposit Account
• Wadia’h FCY Diaspora Saving Account

 

Mudarabah Saving Deposit Accounts

• Mudarabah Ordinary Saving Account
• Mudarabah Hawa/Women Saving Account
• Mudarabah Amal/Youth Saving Account
• Mudarabah Teen Youth Saving Account
• Mudarabah Iqra/Education Saving Account
• Mudarabah Halawa/Minor/Junior Saving Account
• Mudarabah Haji/Labaik Saving Account
• Mudarabah Mussin/Elders Saving Account
• Mudarabah Tealun/Iddir Saving Account
• Mudarabah Nikah/Wedding Saving Account
• Mudarabah Eid/Holiday Saving Account
• Mudarabah Fixed/Term Investment Account
• Mudarabah FCY Diaspora Saving Account

 

IFB Accounts in Foreign Currency

• IFB Foreign Currency Saving
• IFB Foreign Currency Current
• IFB Foreign Currency Fixed