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Tanzania: Bank to offer loans under Islamic law

Posted on 17 May 2011

Stanbic Bank Tanzania Limited is set to launch mortgage loans, vehicle loans and home loans through its Shariah Banking product sometime this year, its senior official has said.According to Mr Mohammed Issa, the bank’s board supervisor Shariah banking, the service is expected to start in the next few months whereby the product’s customers will access loans, which are shariah compliant.
“The products that are in compliance with Shariah law will include transactional accounts, savings accounts and deposit products, mortgage loans, vehicle loans and home loans. We are aimed at attracting clientele discouraged by conventional banking, which disagreed with their faith,” he said over the weekend in Dar es Salaam……………………………………….Full Article: Source

 
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