DECSI Will Open New Sub Branch for the Muslim Community

DECSI > Blog > Uncategorized > DECSI Will Open New Sub Branch for the Muslim Community

DECSI Will Open New Sub Branch for the Muslim Community

September 24, 2023. DECSI, Tigray. Dedebit Credit and Saving Institution (DECSI) opened new sub branch in Mekelle, the Tigray region capital city, to serve the Muslim community.

In the Islamic religion charging and paying interest is prohibited and avoids all impermissible transactions like short selling and sales of debts and receivables.

Monetary policy in an Islamic system is expected to facilitate the mobilization of savings and allocation of resources consistent with the economic development objectives of the system.

Early Muslims were not familiar with financial saving operations, and the concept of a bank as a modern institution is new to Islamic societies as well. Initially, many Muslims did not even understand the extent and importance of banks in their everyday lives, even if living in non-Islamic countries. However, once they realized that interest payments from conventional banking were at odds with the prohibited riba, they naturally looked for alternative modes of financing.

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