James Mwakisyala
Monday, 6 September 2010

DAR ES SALAAM, TANZANIA- Stanbic Bank Tanzania limited is seeking to widen its Shariah banking facility following a positive response to the bank's May 4h, 2010 pioneering initiative in the Tanzania financial market.

The Managing Director of Stanbic Tanzania bank limited, Bashir Awale said last week during at Iftar function at the Movenpick Hotel in Dar es Salaam: "We have recently submitted a proposal to the Bank of Tanzania (BoT) to widen the scope of Shariah banking to bring Shariah banking closer to our customers." This will be in addition to other Shariah banking products such as Shariah current account and debit cards which allow holders to access their savings at Automatic Teller Machines (ATMs) worldwide."

However, he said it was too early to tell when the BoT would respond. Stanbic bank was the first commercial bank to launch Shariah banking in Tanzania, and was followed immediately by the National Bank of Commerce (NBC).

Mr Awale said Stanbic bank was determined to keep improving on the Shariah banking scheme to pave the way for more | More »