Tanzania: Crdb Dishes 8bn/

The CRDB Bank has dished out some 8.0bn/- loans through its newly established Al Barakah account merely five months since the introduction of the services in the market.

The account has attracted some 8000 clients who have deposited over 6.0bn/- under the services that does neither offer deposits nor charge loan interest rates.

Thus some customers in Tanga showered praises for the Al Barakah service during Iftar organised by the bank over the weekend–including Tanga District Commissioner, Mr Hashim Mgandilwa and the region Chief Sheikh Juma Luwuchu.

Speaking at the Iftar, CRDB Director of Treasury and Capital Markets, Mr Alex Ngusaru, said they continued to listen to customer feedback and come up with market innovative products and services that are in line with market demand.

“It was through listening to our customers’ comments that we were able to come up with this service specifically for our customers who believe in non-acceptance of interest rates,” said Mr Ngusaru.

DC Mgandilwa who represented the Tanga Regional Commissioner at the event thanked CRDB for preparing the Iftar for the residents of Tanga as well as preparing food for the needy to help them during the fasting month of Ramadan.

“Thanks for preparing something for the needy but most of all I would like to congratulate you for coming with this Al Barakah, which is in line with the faith of some of your customers who don’t want to be charged or receive interest” Mr Mgandilwa said.

The DC added that the coming of Al Barakah service will be a catalyst for expanding financial inclusion to those who want the banking services to conform with the principles of their faith.

For his part, Sheikh Luwuchu who was accompanied by other sheikhs from Tanga expressed his gratitude for the bank to prepare the Iftar but was also pleased with the service of Al Barakah that follows the principles of Sharia.

“CRDB has set a good example for us by remembering our customers and stakeholders but they did not stop there they also remembered our needy children from Imani Chumbageni centre,” said Sheikh Luwuchu.