Gulf African Commercial Representation (GACR) and Zamzam Bank of Ethiopia have signed a historic agreement that will open up new opportunities for growth and collaboration between the Gulf Cooperation Council (GCC) and Africa.
Africa is a booming economic powerhouse, and GACR and TFSBS are thrilled to be a part of this exciting new chapter in the continent’s development. GACR is a business association that identifies unique investment opportunities and helps individuals and business organizations in the GCC and Africa expand their businesses in the global market. The organization stimulates international trade, investment, and goodwill between the GCC, Africa, and other countries and contributes to the economic growth of the GCC and Africa by strengthening the private sector.
Zamzam Bank, on the other hand, is the first bank in Ethiopia to receive a license from the National Bank of Ethiopia to operate as a full-fledged interest-free bank in the country. As the first Islamic bank in Ethiopia, it offers a wide range of products, including Wadih, Qard, and many related to Mudarabah profit sharing, Ijarah (lease financing) Musharaka, Murabaha, and other financing products.
Under this agreement, GACR will help Zamzam bank find partners, investors, corporate clients, corresponding banks, and aid in transactions for import-export companies. It will also bring diaspora investment to the bank. This partnership will not only benefit the bank but also the entire country as it will lead to more foreign investment, more job opportunities and a boost to the economy.
Additionally, TFSBS will aid in all IT requirements for both parties. This includes the implementation of advanced technology, software, and other digital solutions that will enhance the bank’s ability to serve its customers and compete in the global market.
The signing of this agreement marks the beginning of a new era of growth and collaboration between the GCC and Africa. We are excited to see what the future holds for both GACR and Zamzam Bank, and we look forward to being a part of this journey. As we continue to work together, we are confident that we can achieve our common goal of building a stronger and more prosperous Africa.