KCB says has registered success in Islamic banking services

 Arusha. KCB Tanzania has registered success in its Islamic banking after all its branches started offering the Sharia-compliant service, the financial institution has said.

The Kenyan bank was the first to roll out Islamic banking services in Tanzania and later it was followed by other banks including the establishment of Amana Bank, a fully fledged sharia-compliant bank.

“All KCB branches in the country offer this service and each branch has a section which caters specifically to Islamic banking customers,”  said Mr Rashid Hilal Rashid, the head of Islamic banking at the regional lender.

However, he did not give details of customers benefited and the amount of Islamic loans it has so far lended in the country.

He was speaking when KCB Tanzania hosted Iftar for its customers and stakeholders in Arusha during which more than 100 customers gathered together to break the fast in honor of the Holy month of Ramadan.

At the moment KCB has 14 branches across Tanzania mainland and Zanzibar. 

KCB, currently has over 10 million customers and operates in all the six East African Community (EAC) partner states; Tanzania, Uganda, Kenya, Burundi, Rwanda and South Sudan as well as Ethiopia.

It is the largest bank in East African in terms of its asset base, currently estimated at $5.5 billion and has over 260 the region.

The bank’s managing director Moezz Mir said although KCB Bank is a conventional bank was among the first to roll out Islamic Banking services in Kenya in 2005 and became the first such financial institution to extend the services to Tanzania three years later.

ENDS