The Citizen (Dar es Salaam)

2 September 2010

Tanzania: Bank - Shariah Banking Attracts Many

Stanbic Bank Tanzania has recorded an impressive response to the Shariah banking scheme.

Already 5,000 new customers have opened accounts since it was introduced three months ago.

Managing director Bashir Awale said during an Iftar organised by the bank to its customers in Dar es Salaam on Tuesday that the Shariah-compliant banking would be improved to enable more clients to join it.

"We currently receive about new 50 customers per week; our aim is to increase or even double that number," he said.

The bank also plans to install more automated teller machines to bring services closer to the clientele.

Stanbic is the first bank in Africa to start the Shariah banking to meet the needs of the Islamic community.

The scheme also prohibits the Muslim community from investing in businesses that provide goods or services that are considered contrary to the Islamic principles.

It is a system of banking that is consistent with the principles of Islamic Law (Shariah), which in practice prohibits the payments or acceptance of interest fees for the lending and acceptance of money.

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