Tanzania’s first Islamic bank takes off

Tanzania launched its first Islamic bank, Amana Bank, in the capital, Dar es Salaam. Amana Bank’s chairman, Haroon Pirmohamed, stated that the bank was launched to service the request for an ethical and interest-free alternative to conventional banking for Tanzania’s Muslims and anyone else who wished to bank in an ethical and transparent way.
Amana Bank will offer personal saving accounts, term deposit accounts, current accounts and, for religious institutions, Ihsan accounts.