Dar es Salaam. The National Bank of Commerce (NBC) has introduced Corporate Islamic and Business Accounts to finance businesses that would like to operate under Islamic rules. The move follows the Islamic banking account for individuals, which has been successful since it was launched in May last year.
Unveiling the new accounts at the special Iftar courtesy organised by the bank Tuesday evening in Dar es Salaam, the NBC managing director Lawrence Mafuru said the bank has listened to long-time cry by the Islamic society for such a special window for their business.“NBC, since its inception in 1967, understands the presence of Shariah and people who like to abide by it. We might have been a hindrance to them, but we are now starting afresh by launching Corporate Islamic Current Account.“In this service, those who like to follow Islamic banking rules will enjoy our services in both foreign and local currency…There will be no interest as the interest was a cry for Islamic society for years now,” said Mr Mafuru.
The event was attended by several people from Islamic society and other invited guests and was graced by the retired president Ali Hassan Mwinyi.Mzee Mwinyi commended the bank’s decision to launch the accounts saying Muslims in Tanzania were for years living against Allah for they were forced to enter into secular banking systems.
“The NBC decision is the best one as it will let Muslims in Tanzania live according to their religion ethics…I urge the bank to spread the service all over the country to serve Muslims and non-Muslims effectively,” he added. The Islamic law prohibits the payment or acceptance of specific interest or fees for loans of money. Mafuru urged Muslims to use this Holy Month of Ramadhan to pray for the country as it was passing through challenges and different socio-economic hardships. However, Mafuru said those new products, apart from being operated by Shariah, they also following Tanzanian banking regulations of Bank of Tanzania (BoT).