Month: March 2023
Coopbank of Oromia launches a new Zakat Savings Account product
Coopbank Alhuda, the segment of Cooperative Bank of Oromia has launched a new savings account entitled ‘Zakat’ Savings Account. Complying with the Islamic Sharia regulations and laws, the account is designed to help customers make their Zakat payments in a timely and convenient manner.
Zakat is a religious obligation in Islam that requires followers to make payments from their wealth to the poor community when their wealth exceeds a certain amount. Recognizing the importance of this procedure, Coopbank Alhuda has introduced the Zakat Savings Account to enable its customers to make their Zakat payments easily.
The account is offered in two versions, one for individuals or small companies and the other for various organisations. Customers can save by identifying the amount of Zakat that must be paid from their assets, and the accounts will be operated exclusively through the books of accounts prepared for this purpose. Zakat payments from various organizations will be collected by the bank annually and distributed to charitable organizations based on the needs of the customers.
This new savings account reflects Coopbank Alhuda's commitment to meeting the financial needs of the community while adhering to its cultural, traditional, and religious values. The bank will provide Zakat payment calculations at all of its branches to accommodate customers who wish to save their Zakat and make their Zakat payments through the bank.
Coopbank celebrates 18th anniversary, marks another milestone in fixed asset formation
Cooperative Bank of Oromia, a leading private bank in Ethiopia, celebrated its 18th anniversary on March 8th, 2023. The bank has marked an exceptional growth record since its establishment in 2005, with a customer base of 10.4 million accounts and total assets worth ETB 137 billion.
As part of the bank's continued growth and sustainability, Cooperative Bank of Oromia has made significant progress in the formation of fixed assets, including the construction of buildings in selected towns. The bank has finalized its Transitional Headquarters building, due to commence service soon, and has engaged in pre-construction activities for the construction of the financial district tower to be built around the National Theatre. On its anniversary, the bank signed a consultancy agreement with Engineering Consultants Group (ECG) for consultancy services on its biggest-ever construction project, which will serve as the bank's main headquarters. Engineering Consultants Group (ECG) is a global company and a multi-disciplined firm with extensive experience in the sector and in consulting engineering. The bank also signed an agreement with Yirgalem Construction PLC for building the multipurpose building in Harar town.
Cooperative Bank of Oromia is committed to transforming the livelihoods of farmers and strengthening its value proposition for them and cooperatives. To achieve this, the bank engaged with Rabobank, the world's leading financial services provider for the food and agribusiness sectors, and signed a strategic agreement with Rabo Partnerships to position itself as the leading food and agribusiness bank in Ethiopia.
The bank's CEO expressed his gratitude to the bank's esteemed stakeholders and guests who attended the event and reaffirmed the bank's commitment to leveraging networking opportunities, the best technology, and human capital to deliver what is expected of the bank by its stakeholders. The bank's continuous growth and sustainability initiatives are a testament to its commitment to providing excellent financial services and impacting the lives of millions of people.