CRDB wins Best Islamic Bank in Tanzania

Dailynews reporterMay 28, 2025

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CRDB Al Barakah Shariah Advisory Board Chairman, Abdul Van Mohammed (centre), CRDB Bank’s Head of Islamic Banking, Rashid Rashid (left) and the Coastal Zone Manager, Badru Idd pose with the ‘Best Islamic Bank in Tanzania 2025’ award, presented to the bank at the prestigious Euromoney Islamic Finance Awards held in Dubai, recently. (Photo by a Correspondent)

DAR ES SALAAM: CRDB Bank has added another feather to its cap as its Islamic banking window, Al Barakah, clinched the title of Best Islamic Bank in Tanzania for 2025 at the Euromoney Islamic Finance Awards.

The accolade, awarded on Sunday in Dubai, UAE, arrives as CRDB marks its 30th anniversary—a milestone year that has seen the bank intensify its push into ethical and inclusive banking through Shariahcompliant offerings.

Al Barakah’s recognition was driven by a string of strong performance metrics. According to the award citation, the bank posted a 162 per cent rise in customer numbers, a 72 per cent increase in deposits and a 172 per cent growth in revenue, reaching 22bn/- by the end of last December.

“This award is a symbol of what is possible when faithbased principles, financial innovation and inclusive growth walk hand in hand,” said Abdul Van Mohammed, Chairman of the Al Barakah Shariah Advisory Board.

Since its launch in 2021, Al Barakah has introduced a range of Shariah-compliant products, including Murabaha for asset financing, Istisna’a for project funding, Ijarah for education and pilgrimage loans and a Qardh facility in partnership with the government to support smallholder farmers and fishers with zeroprofit loans.

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Last year, CRDB launched Takaful insurance in partnership with ZIC Takaful and its own Bancassurance arm, offering protection services to over 300 customers in the first year.

Other offerings include a Sadaka Account for religious giving and a partnership with Puma Energy Tanzania to support fuel traders through value chain financing.

“This award belongs to every customer who believed in a different way of banking—one grounded in faith, fairness and shared prosperity,” said Rashid Rashid, Head of CRDB’s Islamic Banking Unit.

CRDB’s Al Barakah unit has previously won the Best Islamic Banking Window (2023) and Most Promising Islamic Banking Window (2024) from the Global Islamic Finance Awards (GIFA).

As CRDB Bank continues to expand access to ethical finance, the latest Euromoney award reaffirms its growing role in shaping Tanzania’s Islamic banking landscape.