This program is an activity of the UNESCO Global Action Programme (GAP) on Education for Sustainable Development (ESD)

#MEET Zero Interest Bank

#MEET Zero Interest Bank

This is a short interview we conducted with Ahmed El-Ghamry the creator of Zero Interest Bank. If you like this project and would like to vote for it, click here.

1. Please, tell us a bit about yourself: where are you from and what is your background?

I’m from Egypt , graduated from the faculty of commerce, Alexandria university ,working as Air-Fees Specialist at Borg El-Arab International Airport , won The second prize in poetry in the first round of the contest of short story & poetry , Won a prize at the competition of the Arabic content Enrichment from Google, Have been chosen as the Ideal employee by the Management of Borg El-Arab International Airport, Had many courses about Airport management, operation, & international marketing, from Egypt, Japan. Like: – International marketing course from the American Bolmart Academy, International Marketing course from the Egyptian Airports company, Airport management operation course from Narita Airport, Japan, Course of The methods of trading in the stock market, Certificate of course completion of IT Essentials:PC Hardware & Software from Cisco Networking Academy, Training course for preparing the leadership cadre from the social leaders team at the faculty of commerce Orientation course from Borg El-Arab International Airport, Training Diploma in computer sciences at the Egyptian society for information technology, Training Program at a newspaper called alnajm alwatany, Summer Internship at Piraeus bank.

2. Can you describe your idea or project in two sentences?

The bank works without interest.

3. How did you get your idea or concept?

I tried to think how could we get rid of interest that kills the investment.

4. What is unique about your idea/project and how does it benefit mankind?

The advantages of the bank for depositors
• the prices of Goods at the Golden Bank are acceptable because of the discounts and are not too expensive as the other banks due to the interests on it which the investor is forced to raise the price of the Goods to compensate for cost and repay the loan and interest
• … Even if an increase of prices happens in general as a result of inflation or something , all clients dealing with the bank make good use of discounts &don’t be affected by price changing – whether the buyer of discount cards or depositor–the point is that the high price of the product leads to a rise in the value of the discount …
For example: to suppose that a Commodity price of 100 $ and the discount rate is 10%, then the amount of discount 100 * 10% = 10 $,then , the commodity price have been risen to 120 pounds in this case, the amount of discount value equal to 120 * 10% = 12 $ ,, that means that the increased value of the discount by 2 pounds, & that depositor also have been benefited
The advantages of the bank for investors
• The golden bank gives a great assistance to help the investor in all types of goods & services and all production stages&processes, from the starting process of establishing the company because in process of construction and at the beginning of the product life cycle where the increasing costs and lack of profit, which is almost equal to zero, if not actually less, if we suppose the existence of the interests costs plus it, that make it worse-& that leads the investor to one of three choices, either the investor stops the production for the payment of interests and be forced to end the company – and thus ended the life cycle of the product before it starts – or increases the price to increase his profit so as he could repay the loan and interest, which leads to a decline in demand for goods as a result of the high price

• This is not only for the starting company which may be at the beginning ,but it is also happens to the company that already has reached the stage of decay, which forces them to variety their activities and expand the area of marketing so as they could continue.
• Another important point of the marketing , when the company be at the beginning of its life it faces great difficulties by the terrible competition between it and the other big companies, it will be like a baby between beasts and that child needs the support to take his first steps in the adult world – where the big companies have the experience and reputation which the small investor misses , beside the habituation of society to their goods which would be difficult to replace it with alternative goods from other new investor which is unknown, forcing the small investor stick to the market prices & maybe less than them – in spite of the large production costs – to attract consumers who may already have gotten used to the products of other big companies
• Also a very important advantage which is the marketing of products by the catalogs and discount coupons that make the dealers with the bank, both of depositors and the discount cards buyers make good use of the discount cards to buy such goods even for try. Discount makes it easy, especially the price of the commodity will be less with the discount, gives opportunity to try it more.
The advantages of the bank for the community
• Increasing investment and to encouraging direct investment and to giving opportunities for owners of small and large projects to achieve their ideas and enrich the community
• strengthening the relationship between the depositors and investors and between them and the projects and products, making each individual feel his role in the development and being main element&part of the production wheel
• Giving the bank the function of marketing as well as funding, as many of the new projects need to marketing
• Reduction of inflation may even we can say reverse it as it turnover the interest which is the cause of increasing prices and turn it into a discount that leads to lower commodity prices
• Investors will do their best to improve the quality of their goods so as to increase the demand for increasing the sold quantity of goods, which speed up the period of the discount end as a result of finishing the discount amount
• Elimination of the interest and the side effects upon the output
• Prevents the money owners from relying on interests which leads to lazy being, & dependence on others without work or any effort.
• encourages the money owners who do not have ideas to put their money in the bank.
• Reduction of unemployment and encouraging the owners of ideas and projects to achieve their projects and using their wasted powers
• Development of social capital as the spread of unemployment lead to a rise in crime due to the lost time and lack of material resources of the poor
• The development of intellectual capital due to encouraging young people and owners of new ideas to achieve it instead of keeping it left and lost in a world of imagination
• the economy’s up to the highest level when the interest rate is zero..

5. Describe yourself as an entrepreneur in one sentence


6. How do you deal with people that doubt your abilities/initiatives?

We are all not the same & every one has his point of view maybe they are right in some points & maybe I’m right in other points ,so we try to get into matching point & common area to get eachothers.

7. Where does your passion lie?

In believing

 8. What are you afraid of or what keeps you up at night?


9. According to you, money is a synonym for…..

paper, illusion, tool

10. If you could rid the world of three things, what would they be?

  1. Lying
  2. Poverty
  3. Injustice

11. What are the benefits you take from the Entrepreneurship Campus?

How to think as Entrepreneur?

How to make good use of your ideas and work on it?

How to explore your powers?

12. What do you like more about the Entrepreneurship Campus?

Online training, and meeting good friends.

13. Which idea/project do you like most?

Zero Interest Bank

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NOTICE: If you want to see more submitted ideas and projects at the Youth Citizen Entrepreneurship Competition, visit BEST IDEAS and BEST PROJECTS and VOTE for the ones you think deserve to WIN the Competition!

Leave Your Comment →


  1. Profile photo of


    31.08.2017 · Reply

    Hello Ahmed!

    Ofcourse, the bank works without interest. Your idea will encourage individuals, especially young entrepreneurs to take up loans without the fear of charges. Congratulations for your efforts.

    Best of Luck!

  2. Profile photo of Uledi Kimbavala

    I failed to understand before but after going into detail I find it is possible.
    Best of luck!

  3. Profile photo of Katlego Sito

    This idea is possible. I have read and understood everything.good luck to you.I find it realistic and attainable

  4. Profile photo of Team GreenSpace

    Being a banking professional, I think this idea will help the smaller community to achieve their goals in a way that they have hoped for.

    All the best!!

    Team GreenSpace

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Timeline 2017

March 15, 2017

Competition launch Entries are welcomed

May 15, 2017

Voting & commenting begins for all

July 31, 2017

Deadlines for entries

August 31, 2017

Deadlines for votes & comments

September 03, 2017

People's Choice Prize winners announced

September 03, 2017

10 finalists announced in both categories

September 15, 2017

Deadline for receipt of videos from finalists in both categories

October 10, 2017

Deadline for Panel of Judges' selection of the winners

October 21, 2017

Winners announced at Entrepreneurship Summit in Berlin

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