DAR ES SALAAM : CRDB Bank has become the first bank in the East Africa region to be awarded for banking services that comply with the principles of Sharia law.
The lender received the prestigious prize which was provided by the Global Islamic Finance Awards (GIFA) two years after the launching window of ‘CRDB AI Barakah’ that follows Islamic conditions.
The GIFA Chairman, Prof Humayon Dar, said yesterday in Dakar, Senegal through a release that the bank opens doors for other financial institutions in the EAC to serve the Muslim community based on the Islamic requirements which prohibit taking interest from loans.
“CRDB is the first financial institution to receive our prize, and we believe others will be following your steps towards the opportunity to serve the Muslim community,” said Prof Dar during the event.
According to the bank, the Al Barakah window contributed some 18bn/- to the blue economy activities, while more than 33bn/- has been loaned out to support the SMEs.
The lender has also managed to loan out some 90bn/- two years after Al Barakah service and succeeded in collecting some 85bn/- deposits through the AI Barakah account while opening doors to more than 70,000 customers.
CRDB’s Director of Retail Banking Mr Bonaventure Paul said the bank is optimistic to continue serving its customers to ensure that they meet their needs.
This year’s GIFA awards are the 13 in a row since its establishment in 2011 and it was presented before various prominent figures including the President of Senegal, Macky Sall, researchers, and directors from numerous companies and international organisations.
The bank’s Head of Islamic Banking Mr Rashid Rashid said the award received by the lender is prestigious due to its origin which is based on religious values, unlike other common prizes which have always been issued.