Dec 21 2011 |
more articles from
|
Zanzibar's People's Bank opens Islamic window
By Steve Mbogo The Tanzanian Islamic banking scene is heating up as the year closes with the People's Bank of Zanzibar, a state-owned commercial bank, launching an Islamic banking window just days after the mainland witnessed the launch of the country's first fully Islamic bank, Amana Bank.Zanzibar is an island in the Indian Ocean under the administration of the unitary government of Tanzania. The island's population is 99% Muslim offering a thriving base for the Islamic banking model.
"PBZ will cater for all class of customers who want to follow Islamic rules. It will offer personal and corporate banking products," the bank's MD, Juma Amour told The Islamic Globe.
Tanzania is emerging as one of the fastest growing frontiers of Islamic finance together with its East Africa Community neighbor Kenya, which hosts two fully Shari'ah compliant banks and a Takaful company.
© The Islamic Globe 2011
© Copyright Zawya. All Rights Reserved.
Post Your Comment