CRDB BANK'S AL BARAKAH NAMED BEST ISLAMIC BANK IN TANZANIA FOR 2025

CRDB Al Barakah Shariah Advisory Board Chairman, Abdul Van Mohammed (centre), CRDB Bank’s Head of Islamic Banking, Rashid Rashid (left), and Coastal Zone Manager, Badru Idd, pose with the ‘Best Islamic Bank in Tanzania 2025’ award, presented to the bank at the prestigious Euromoney Islamic Finance Awards held recently in Dubai.

Dar es Salaam – In a landmark moment for Tanzania’s financial sector, CRDB Bank’s Islamic banking window, Al Barakah, has been crowned Best Islamic Bank in Tanzania for 2025 at the prestigious Euromoney Islamic Finance Awards, held in Dubai.

The win comes as CRDB celebrates its 30th anniversary, marking three decades of financial innovation, expansion, and an increasing focus on ethical, Shariah-compliant banking solutions.

Strong Performance Drives Global Recognition

Al Barakah’s award was backed by robust growth figures. The unit posted a:

• 162% rise in customer numbers
• 72% increase in deposits
• 172% revenue growth, reaching 22 billion TZS by December 2024

“This award is a symbol of what is possible when faith-based principles, financial innovation and inclusive growth walk hand in hand,” said Abdul Van Mohammed, Chairman of the Al Barakah Shariah Advisory Board.

Pioneering Ethical Finance in Tanzania

Since its 2021 launch, Al Barakah has rolled out an impressive suite of Shariah-compliant financial products, including:

• Murabaha (asset financing)
• Istisna’a (project funding)
• Ijarah (education and pilgrimage loans)
• Qardh (zero-profit loans in collaboration with the government, supporting smallholder farmers and fishers)

In 2023, CRDB also introduced Takaful insurance in partnership with ZIC Takaful, along with its own Bancassurance division—reaching over 300 customers within the first year.

Inclusive Growth Through Strategic Partnerships

Al Barakah’s innovative offerings go beyond conventional banking. Key initiatives include:

• A Sadaka Account to promote religious giving
• A value chain financing partnership with Puma Energy Tanzania, supporting fuel traders across the country

“This award belongs to every customer who believed in a different way of banking—one grounded in faith, fairness and shared prosperity,” said Rashid Rashid, Head of CRDB’s Islamic Banking Unit.

Continuing a Winning Streak

This isn’t the first time CRDB’s Islamic banking unit has made waves. Al Barakah previously earned:

• Best Islamic Banking Window (2023)

• Most Promising Islamic Banking Window (2024)
  (Both awards were from the Global Islamic Finance Awards [GIFA].)

A Shariah-Compliant Future

As CRDB continues to expand its footprint across the region—including recent ventures into the DRC—the Euromoney award underscores the bank’s growing leadership in Islamic finance. With customer trust, strong financial results, and faith-based innovation at its core, Al Barakah is helping to shape a more inclusive banking future for Tanzania.

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