CRDB’S AL BARAKAH LENDS 90BN/- IN TWO YEARS

Zanzibar President, Dr. Hussein Ali Mwinyi, receives a dummy of the first ATM card of CRDB Al Barakah account from the bank's Eastern  Zonal Manager, Badru Idd, at Zanzibar State House over the weekend. Second left is the Head of Islamic Banking at CRDB Bank Plc, Rashid Rashid and Board Member, Juma Amour.

CRDB Bank’s Al Barakah service has loaned out some 90bn/- in the last two years through Islamic banking window.

The lender also succeeded in collecting some 85bn/- deposits through the Al Barakah account, indicating a solid performance from the bank.

CRDB’s Zonal Manager, Eastern Zone Mr Badru Idd said within two years of operation the service has been impacting the isles economy positively.

“Until now, we managed to issue loans under the guidance of the Sharia Law, which are interest free,” said Mr Idd who his zone covers Zanzibar, Dar es Salaam and Coast regions.

Al Barakah Banking is a brand name for CRDB Islamic banking window that complies with Islamic business principles and practices which prohibit taking interest on loans.

According to the bank, the Al Barakah window contributed direct some 18bn/- to the blue economy activities, while more than 33bn/- has been loaned out to support the SMEs.

“We have managed to establish the service in our four branches around the island such that until recently, more than 28bn/- has been deposited,” he said.

The brief event of official introducing of the Al Barakah account in the Isles was held at Zanzibar’s Mnazi Mmoja-based State House, where the CRDB executives and bank board members handed to Zanzibar President Hussein Ali Mwinyi a model of the Al Barakah Bank Card.

“I thank you for extending the Islamic banking services to Zanzibar and also commend CRDB for their services,” Dr Mwinyi said.

President Mwinyi thanked the bank for the gesture and urged them to maintain the private sector and public institutions relations so that they can achieve more.

In addition, Dr Mwinyi expressed the Zanzibar government’s support to the bank’s leadership to improve services to the people as he praised Al Barakah’s admirable success since it was established in the country.

CRDB’s Al Barakah Chairman, Mr Abdul Van Mohammed said the lender since its establishment has recorded significant success by securing over 70,000 Al Barakah customers countrywide.

The Al Barakah Head of the Service, Mr Rashid H Rashid, said the approach and services of the Islamic window are in line with the wishes and expectations of their customers and their money is in safe hands.

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