Stanbic Bank Tanzania

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 to its customers in Dar es Salaam on Tuesday that the Shariah-compliant banking would be improved to enable more clients to join it. The bank also plans to install more automated teller machines to bring services closer to the clientele. 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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