Hijra Bank has reported a 740% surge in annual profit, earning over 840 million birr during the 2024/25 fiscal year. The bank’s total income exceeded 1.8 billion birr — up 148.85% from the previous year — marking one of the strongest performances in Ethiopia’s growing interest-free banking sector.
According to the bank’s annual performance disclosure, total assets rose to more than 15 billion birr, a 95.37% increase year-on-year. Customer deposits also grew sharply, climbing by 91.4% to reach 12 billion birr — signaling robust trust and engagement from its expanding customer base.
Hijra Bank generated $40 million in foreign currency during the year, a 304.5% rise from the previous year’s performance. The bank also expanded its physical footprint, operating 135 branches across the country and planning to open 35 more in the current fiscal year.
The number of customers grew to 931,148 — a 69.4% increase — while digital adoption continued accelerating. Its Omni Plus mobile banking app attracted over 350,000 users, up 141.86% from the previous year. Meanwhile, the Halal Pay wallet reached more than 811,000 users in just six months. This platform now includes e-Murabahah — a Sharia-compliant digital financing product allowing customers access to credit without collateral.
Digital transactions accounted for more than 20.9 billion birr in transfers, a 198.6% increase from last year. Currently, 34.52% of the bank’s total transactions are conducted digitally — up 10.68 percentage points.
Beyond its financials, Hijra Bank has been active in community engagement. It launched a public share sale campaign to transition more citizens from users to shareholders and rolled out its “Halal Financial Literacy Program” to educate the public about interest-free banking. The bank also organized the “Sirara Award” to promote entrepreneurship among youth and supported charitable causes as part of its corporate social responsibility efforts.
“This year’s results reaffirm the potential and long-term viability of interest-free banking in Ethiopia,” the bank noted, attributing its success to effective strategy execution and the contributions of its board, staff, shareholders, and customers.
Hijra Bank’s performance adds weight to the growing role of Islamic finance in the Ethiopian economy, as competition intensifies and financial inclusion becomes a national priority.
Source: Tikvah Ethiopia
