CRDB Bank’s Al Barakah Service: A Two-Year Journey of Financial Impact
CRDB Bank’s Al Barakah service has made substantial strides in the last two years, facilitating a positive impact on the local economy while adhering to Islamic financial principles. With over 90 billion Tanzanian Shillings in loans disbursed and 85 billion Tanzanian Shillings in deposits collected, the service has shown commendable performance, marking a significant contribution to the financial landscape in Tanzania.
The Al Barakah Banking service, operated under the umbrella of CRDB’s Islamic banking window, has faithfully adhered to Islamic business principles and practices that prohibit the charging of interest on loans. This commitment to Sharia Law has not only attracted customers but has also helped to reshape the banking landscape in the region.
One notable achievement of CRDB’s Al Barakah service has been its direct contribution to the blue economy activities, injecting a substantial 18 billion Tanzanian Shillings into this critical sector. Furthermore, over 33 billion Tanzanian Shillings have been lent out to support Small and Medium-sized Enterprises (SMEs), which are the backbone of any thriving economy.
Mr. Badru Idd, the Zonal Manager for the Eastern Zone, which covers Zanzibar, Dar es Salaam, and the Coast regions, emphasized the service’s expansion and reach. With four branches established on the island, Al Barakah has managed to accumulate over 28 billion Tanzanian Shillings in deposits. This expansion demonstrates not only the bank’s commitment to reaching more customers but also the growing demand for Sharia-compliant banking services in the region.
Official Introduction in Zanzibar
A significant milestone in the journey of Al Barakah in Zanzibar was the official introduction event held at Zanzibar’s Mnazi Mmoja-based State House. During this event, CRDB Bank executives and board members presented Zanzibar President Hussein Ali Mwinyi with a model of the Al Barakah Bank Card.
In response, President Mwinyi expressed his gratitude for extending Islamic banking services to Zanzibar and commended CRDB for their exceptional services. He urged the bank to maintain strong relations with both the private sector and public institutions, highlighting the potential for further achievements in collaboration.
CRDB’s Al Barakah service has successfully attracted a substantial customer base, with over 70,000 Al Barakah customers across the country. This significant customer trust highlights the growing popularity of Islamic banking services and the confidence customers have in the Al Barakah brand.
Mr. Rashid H Rashid, the Head of the Al Barakah Service, emphasized the importance of aligning their approach and services with the wishes and expectations of their customers. He reassured customers that their money is in safe hands, underlining the bank’s commitment to providing secure and Sharia-compliant financial solutions.
In conclusion, CRDB Bank’s Al Barakah service has undeniably made remarkable progress in its two-year journey, contributing significantly to the economy, supporting SMEs, and expanding its reach while staying true to Islamic financial principles. As it continues to grow and evolve, it remains a beacon of success in the world of Sharia-compliant banking, serving the financial needs of a diverse and expanding customer base.
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