Tagged: Tanzania

Interest free loans gaining popularity, observes banker

Islamic Finance

Interest free loans gaining popularity, observes banker

<p>Banc ABC&rsquo;s Head of co-operate Services, Zulfikar Chando has pointed out that Islamic banking would fuel investment and spending which will in turn support national economic development. The demand for this service with no interest rates shows the need to implement it and make it accesible, he added. BancABC also announced that for the upcoming annual pilgrimage to Mecca later this year in October, the bank has prepared special Visa cards at all their branches to ease the preparation of flight, accommodation and other details of the Holy trip. The service ensures ease and safety while travelling to any destination world wide, Zulfikar Chando explained that clients can choose between prepaid BancABC VISA cash card and BancABC Visa travel money, specifically made for travelling.</p>
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Don’t grab land, invest in the locals

Islamic Finance

Don’t grab land, invest in the locals

Multinational corporations and nations buy up land in foreign countries, most of them intending to export the production. Oxfam recently published a report about this phenomenon, called land-grabbing and its problems for the local societies. However, the Oxfam’s study also gives recommendations for a possible solution to the dilemma.

Kenya freezes new Takaful licenses

ASIA / Islamic Finance

Kenya freezes new Takaful licenses

Kenya has blocked the licensing of new Takaful companies until a suitable law to manage them is completed. This gives Kenya’s existing Takaful firms the opportunity to grow unrestrained by new competition. But the regulator’s strategy risks losing …

Tanzania: Bank to Offer Loans Under Islamic Law

Islamic Finance

Tanzania: Bank to Offer Loans Under Islamic Law

Stanbic Bank Tanzania Limited has plans to launch mortgage loans, vehicle loans and home loans through its Shariah Banking product sometime this year.
Mr Mohammed Issa, the bank’s board supervisor Shariah banking, told at a seminar that the economy was…

Tanzania: Bank – Shariah Banking Attracts Many

Islamic Finance

Tanzania: Bank – Shariah Banking Attracts Many

Stanbic Bank Tanzania has recorded an impressive response to the Shariah banking scheme. Already 5,000 new customers have opened accounts since it was introduced three months ago. Managing director Bashir Awale said to its customers in Dar es Salaam on…

Absa launches Islamic Banking in Tanzania

Islamic Finance

Absa launches Islamic Banking in Tanzania

The National Bank of Commerce (NBC), a subsidiary of Absa, has placed itself ahead of competitors in the Banking Industry by launching Islamic Banking to the public. This move is in line with Absa’s strategy of expanding its offering in Africa.

NBC’s Managing Director Mr Christo De Vries said this new service is part of NBC’s business banking strategy, to provide innovative products to meet the needs of the market. The introduction of Islamic Banking in the Tanzanian market is aimed at ensuring that we offer products that appeal to all Tanzanians regardless of their faith or background.

“Land-grabbing” in Africa (1)

Islamic Finance

“Land-grabbing” in Africa (1)

Ethiopia is one of the hungriest countries in the world, with more than 13 million people needing food aid, but paradoxically the government is offering at least three million hectares of its most fertile land to rich countries and some of the world’s most wealthy individuals to export food for their own populations.

The 1,000 hectares of land that contain the Awassa greenhouses are leased for 99 years to a Saudi billionaire businessman, Ethiopian-born Sheikh Mohammed al-Amoudi, one of the 50 richest men in the world. His Saudi Star company plans to spend up to US$2 billion acquiring and developing 500,000 hectares of land in Ethiopia in the next few years. So far, it has bought four farms and is already growing wheat, rice, vegetables and flowers for the Saudi market. It expects eventually to employ more than 10,000 people.

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