Dashen Bank’s “Sharik” Surpasses 15 Billion birr in Shariah –Compliant Financing

Dashen Bank’s Interest-Free Banking (IFB) service “Sharik,” has surpassed 15 billion birr in Shari’ah-compliant financing, marking a significant milestone in expanding ethical and inclusive financial services in Ethiopia. “Sharik,” currently serves more than 1.5 million customers and has mobilized over 23 billion birr in deposits, while its total assets have surpassed 26 billion birr.

Dashen Bank has also demonstrated leadership in the sector by becoming the first Ethiopian bank to join the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The Bank further pioneered the introduction of a Shariah Governance Framework in the Ethiopian banking industry and launched the country’s first IFB digital financing service.

In recognition of its achievements, Sharik was named the Strongest Islamic Retail Banking Window in Ethiopia for 2023 by Cambridge Institute of Islamic Finance and Economics.

Beyond financial services, Sharik also contributes to social impact initiatives. The Bank has extended 100 million birr in Qard Al-Hasan financing to 1,000 women entrepreneurs, supporting business growth and economic empowerment. Additionally, more than 40 million birr, administered by the Bank in a custodial capacity, has been allocated to corporate social responsibility initiatives, supporting various local non-governmental organizations.

The service continues to expand its digital reach, with more than 300,000 users actively utilizing the Sharik Super App, further strengthening access to interest-free banking services across Ethiopia.