Islamic finance continues to evolve in East Africa

The latest development in Tanzania and East Africa’s emerging Islamic finance industry is the opening of Tanzania’s first Islamic bank, Amana Bank, last month. The headquarters of the bank are in the Kariakoo trade centre in the city, the hub of commerce in Tanzania, where an important portion of merchants are Muslims.
The area is so meaningful that another bank, the People’s Bank of Zanzibar (PBZ) has launched this month a branch specializing on Islamic banking.
President Ali Mohammed Shein encouraged the Bank of Tanzania to create a conducive atmosphere for positive service delivery in Islamic finance.