New range of Islamic banking products launched in Zanzibar

Jul 14, 2015

The products include Islamic savings and Islamic corporate accounts.

The National Bank of Commerce (NBC) has introduced more than ten Islamic banking products in Zanzibar, where 99 per cent of the population is Muslim.

Speaking during the launch of the product range last weekend in Zanzibar, NBC Bank Head of Islamic Banking Nassir Masoud said NBC first introduced Islamic banking products in Zanzibar in 2010 and encouraged a number of new customers in the Isles to access banking services.

"NBC will continue to offer most and affordable Islamic banking products in Zanzibar in order to make sure that we meet customer satisfactions and to boost the growing financial market in the country," he said.

He stressed that NBC has taken into consideration all of its customers, with products adapted to workers and small and medium-sized businesses.

The services offered include Islamic savings, Islamic current, Islamic Affluent Current Account, Islamic business and Islamic corporate accounts. These products are interest-free, in compliance with Islamic laws, and are open to any customers who are interested regardless of their faiths.