Celebrating Leaders in Interest-Free Finance: A Milestone Event in Ethiopia

AlHuda CIBE Hosts the International Interest-Free Banking and Takaful Awards 2026

(August 18, 2026 – Addis Ababa, Ethiopia): The AlHuda Centre of Islamic Banking & Economics (AlHuda CIBE) has successfully concluded the International Interest-Free Banking and Takaful Awards 2026, showcasing the remarkable impact of interest-free finance across Africa. The event gathered a diverse group of professionals, financial institutions, regulators, and innovators dedicated to advancing the Islamic finance landscape.

Held alongside the 6th International Interest-Free Banking & Takaful Forum, the awards served as a prestigious platform to acknowledge the efforts of individuals and institutions that are shaping the future of Shariah-compliant financial services. The event highlighted crucial themes of innovation, regulatory contributions, and the promotion of financial inclusion within the interest-free banking sector.

The awards ceremony recognized various institutions and individuals for their exemplary contributions to Islamic banking and finance. Among the notable winners, Open Space Financial Services Limited was awarded the Best Financial Inclusion Initiative in Islamic Finance, while ZamZam Bank S.C. took home the title of Best Interest-Free Bank of the Year. Other recipients included Dr. Mohamed Ahmed Ainab, recognized as the Best Shariah Scholar/Advisor, and EcoBank Group, honored as the Best Pan African Banking Group.

Additionally, YEHULU SACCO was celebrated as the Best SACCO of the Year for Interest-Free Financial Services, and the National Bank of Ethiopia received accolades for its Outstanding Regulatory Contribution. Mr. Abdulkadir Wolela was commended for his Outstanding Leadership in the Interest-Free Banking & Finance Industry, while Ms. Frehiwot Alemayehu was recognized for her exceptional contributions to women leadership in the Takaful sector.

The event also acknowledged the remarkable achievements of Siinqee Bank – Interest-Free Banking (IFB) Wing, which received the Excellence in Retail & SMEs Financing Award. Nyala Insurance won the Best Takaful Product Innovation Award, emphasizing the growing importance of innovative solutions in the industry.

Mr. Muhammad Zubair Mughal, CEO of AlHuda CIBE, commented, “The International Interest-Free Banking and Takaful Awards are a celebration of the transformative impact of ethical and Shariah-compliant finance. Africa stands as a significant frontier for the advancement of interest-free banking and Takaful services, and this recognition fosters a spirit of innovation and growth across the continent.”

These awards not only celebrate the success of the recognized entities but also inspire continued development and collaboration within the Islamic finance community.