Z’bar Speaker hails NBC’s LARIBA Islamic product

Zanzibar House of Representative Speaker Zubeir Ali Maulid has expressed satisfaction at the National Bank of Commerce’ LARIBA Islamic product, describing it as a loan facility that fights poverty in the public.

In Islamic finance, loans with interest are considered haram, or forbidden that is why the bank in the product, expects the borrower to only pay back the amount borrowed, with no interest, because on principle, Islam does not allow interest.

Making the revelation during an iftar the bank organized for its customers gathered in Zanzibar over the weekend, he said the bank’s co-operation with the house of representative and the Revolutionary Government of Zanzibar, show solidarity and remains a key contributor towards the economic and social growth of the Isles.

Mr Maulid further said apart from the bank having a consolidated presence in the wholesale and retail product banking segments, it has been contributing a lot in the community through donating health care facilities among others.

Adding: “I would like to congratulate NBC for highlighting the importance of its customers and reciprocating a portion of their profit in various ways back to the community, especially through donating health care facilities and related engagements.”

On his part, the bank’s Credit Director Mr. Salehe Mohamed on behalf of NBC Bank Managing Director, Theobald Sabi said: “We consider our customers as a valued extension of the NBC family and as we mark the blessed days of this holy month, we wanted to take this opportunity to share the spirit of togetherness with them.

“The event also provided us with an avenue through which we could show our appreciation to them for their continued patronage, while at the same time reaffirming our commitment to understand and address their needs and expectations.

“Furthermore, we have always been committed towards providing products that are specifically tailored to our customers. Gatherings such as these provide us with a vital opportunity to interact and understand their requirements better-further strengthening our relationships while also obtaining their valuable feedback for our existing products and services.”

Elaborating on the importance of working with the community, Mr Mohamed welcomed other members of the public to join their banking services, adding that they are friendly packages in their branches spread all over country.

The event was attended by over 400 invited guests including government and  political parties senior officials, religious leaders, customers, the bank’s agents and staff of the bank.