SSC Islamic finance is a financial services company offering financing solution to micro and small enterprises while observing Islamic sharia.
We offer this solution by a way of Murabaha, a popular Islamic financing contract where we purchase and re-sell goods to a client with a known and pre-agreed profit margin.
In doing this, we remove the element of interest (riba) while creating a scenario of risk sharing with our clients. Unlike conventional financing, which involves interest charging and risk transfer to a client.
Our financing solution is not restricted to Muslims only, unlike the common perception in the market, we serve the general public as long as they qualify to our requirements.
We don’t target medium and large enterprises, which we believe can be well served by banks that offer Islamic financing, which are already in operation in Tanzania. We target micro and small enterprises that technically cannot access finance in the mainstream industry.
Our financing ranges from TZS 300,000 to TZS 500,000 per transaction, and we finance activities such as purchase of equipment and capital goods, we don’t finance traditional overheads such as paying salaries, paying rent, etc. And we finance halal businesses only, according to Islamic rulings.
We also offer insurance services as an agent, our current focus is motor vehicle only, but our major plan is to start offering Takaful agency services once its is legislated and launched in Tanzania, as you may be aware that, Tanzania is in the process of launching Takaful, commonly referred to as Islamic insurance.
Our process is very simple and quick, a business owner needs to write to us if they need financing, they fill the application form, we visit the site, and other Murabaha processes follow.
We are currently based in Dar es salaam in Mikocheni, but we plan to roll out our services to Mwanza, Arusha, and Zanzibar in the early 2017, God-Willing.
For more details, you can visit our site at www.sscif.co.tz
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