Tanzania : First Islamic Bank takes off

AN Islamic bank, Amana Bank Limited, that would be observing Sharia regulations, was on Thursday launched in Dar es Salaam.

The Islamic banking system does not charge or accrue interests.

Addressing journalists on Thursday in Dar es Salaam, the Board of Directors Chairman, Mr Haroon Pirmohamed, said the Bank is a result of a need for an alternative to conventional banking system that provides ethical and fair modes of banking for all.

He said the bank will offer products and services that meet the needs of not just the Muslim community but all citizens and corporate bodies in the country.

“Amana Bank is well aware of its responsibility and being the pioneer of dynamic Islamic banking system, we intend to have a stable and a dynamic bank that employs modern technologies,” he explained.

Shareholders of the Amana Bank include prominent Tanzanian business people who adhere to Sharia principles.

“The bank would not hoard interests as other banks do, we would split our surplus to our customers as stipulated in the Sharia,” he said adding that non Muslim customers are welcome to join the bank.

Director Pirmohamed added that customers would be informed about their transactions and contracts.

The Bank’s Managing Director, Mr Idris Rashidi, said the financial institution will provide services to customers by abiding to the country’s laws without any discrimination.

Among services that will be provided by the bank include personal saving accounts, term deposits, current accounts and Ihsan account (for houses of worship).

The Amana Bank Limited is located at Tandamti Street in Kariakoo, another branch will be opened soon along Nyerere road.

Amana Bank Limited is the first fully Sharia compliant bank in Tanzania. Its beginning can be traced back to October 2009 when a group of prominent Tanzanian business personalities met and set in motion the establishment of an Islamic bank.

source : Daily news. tz