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Tuesday, 14 July 2015

Tanzania: NBC Expands Islamic Banking Products in Zanzibar

Zanzibar residents have something to celebrate following the introduction of more than 10 Islamic banking products that fit to businessmen, government employees and other people.
Speaking during an Iftar organized by the National Bank of Commerce (NBC) to its customers during Holy Month of Ramadhan at the weekend in Zanzibar, NBC Bank Head of Islamic Banking, Mr Nassir Masoud said people in the Isles have reasons to celebrate.
He said the establishment of Islamic banking inside the NBC as a product have made them to adhere to their Islamic creed based on the Quran.
He said NBC established Islamic banking product at NBC five years ago and encouraged a number of new customers in the Isles who were seeking to have and purchase new Islamic products offered by the bank.
"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 underscored that NBC has taken into consideration all of its customers such as employees, small and other medium business people by also introducing Islamic Affluent Current Account.
(All Africa / 13 July 2015)
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Japan: Bank of Tokyo-Mitsubishi UFJ gets Dubai Islamic finance licence

Japan's Bank of Tokyo-Mitsubishi UFJ (BTMU) said it had obtained permission from the Dubai Financial Services Authority to operate a so-called Islamic window, underlining growing Japanese interest in sharia-compliant banking.
Islamic windows allow conventional banks to conduct Islamic finance by segregating assets from conventional interest-bearing funds. Industry sources said it was the first time that a bank from Japan was operating an Islamic window in the Middle East.
BTMU decided to take the step after Japan's Financial Services Agency changed its supervisory guidelines, the bank said in a statement seen on Sunday.
Japanese institutions have become increasingly interested in Islamic finance as a way to tap large pools of liquidity in southeast Asia and the Gulf.

Last September, BTMU became the first Japanese commercial bank to issue Islamic bonds; last month, a Malaysian affiliate of Toyota Motor said it planned to set up a funding scheme that would include Islamic debt. The Japan International Cooperation Agency has signed an agreement with the private sector arm of the Jeddah-based Islamic Development Bank to develop sharia-compliant transactions. 
(Reuters / 12 July 2015)
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