Stanbic Bank has launched a new line of shariah-compliant banking products in Tanzania, with more markets set to be targeted in the coming months.

The bank, a member of the Standard Bank Group, will offer a transactional product called TransactPlus to customers, which will offer transactions that fully comply with Islamic law.

Approximately 65% of Tanzania’s population is Muslim, and this was a key factor in making the decision to launch the products, as Bashir Awale, managing director of Stanbic in Tanzania, explains: “Tanzania is an important market for Standard Bank Group as a gateway to East Africa and we are proud to be able to off our first sharia banking product to this market.

“We believe that if we are to contribute to the economic development of Africa, we need to provide innovative banking solutions that are consistent with the needs and beliefs of all our customers.”

Terry Moodley, chief executive, personal and business banking at Standard Bank Africa, adds: “There is a substantial untapped market among Muslims, who make up a large portion of the population in Africa, and Standard Bank Group is mindful of the fact that to be a truly African bank, it needs to ensure that there are products in the market that cater for them.

"Standard Bank plans to roll out its sharia banking value proposition to all other markets in the coming months."