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Hijra Bank prepares to sell shares to boost capital

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Hijra Bank, one of the full-fledged Islamic banks, announces that it is planning to inject and sell new shares with the aim of increasing its capital to 6 billion birr.
On a press conference held on July 7, 2023, the bank which started its operations in August 2021 to provide interest-free services stated that it profit margins grew by 162% for the completed 2022/23 financial year, in contrast to the year prior.
As indicated in the press release, Hijra Bank has been able to increase the number of customers by 122 percent while its total asset increased by 207 percent to seven billion birr in the stated period.
“The fact that Hijra Bank has been able to achieve these multifaceted successes at a time when the banking industry in general is in high competition while the country is experiencing great pressure in the economic sector makes its success doubly successful,” said Dawit Keno, president of the bank.

(Photo: Anteneh Aklilu)

The bank signaled that it has planned to increase its share holder base, through the bank president who said, “We have prepared a special sale of shares so that our Hijra Bank families who did not have the opportunity to become shareholders during the founding period can become shareholders of our bank, which is making great strides.”
The bank currently has more than12, 000 shareholders,
Hijra Bank a pioneer in technology in the field of interest-free banking services is currently implementing more than 18 modules of the Al Core banking system, which is certified annually by the Accounting and Auditing Organization for Islamic Financial Institutions-AAOIFI, which is used by more than 165 interest-free banks in the world.

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