CRDB Bank’s Sharia-compliant window, “Al Barakah,” has been awarded the Most Promising Islamic Banking Window Award for 2024 at the Global Islamic Finance Awards (GIFA) ceremony held in the Maldives. This accolade follows its recognition in 2023 as the Upcoming Islamic Banking Window.
The bank’s representatives included Abdul Ally Mohamed, Chairman of the Sharia Advisory Board, along with Rashid Rashid and Novati Mushi. Their innovative approach and commitment to tailored Sharia-compliant solutions have driven significant growth, with deposits increasing by 317% from Q1 2023 to Q1 2024.
Al Barakah has disbursed over 90 billion Tanzanian Shillings in loans, emphasizing financial inclusion for those traditionally excluded from conventional banking. It has also channeled 33 billion Shillings into financing Small and Medium-sized Enterprises (SMEs), supporting critical sectors of the Tanzanian economy. Through its Sharia-compliant offerings, the bank effectively meets customer needs while upholding religious principles.
COMMENTS