KCB Bank Tanzania has reaffirmed its commitment to expanding Islamic financial inclusion in Zanzibar, emphasizing the role of Shariah-compliant banking in supporting the Isles’ economic development and community growth.
Speaking during an Iftar gala held at the Golden Tulip Hotel Zanzibar, Chairman of the KCB Shariah Advisory Board, Sheikh Khamis Mataka, said the bank’s Sahl Banking platform aims to go beyond financial services by promoting ethical empowerment.
The event was attended by Zanzibar’s Minister of Finance and Planning, Juma Malik Akil, who served as the Guest of Honour.
Sheikh Mataka noted that KCB’s Islamic finance journey is built on integrity and transparency, highlighting the launch of the Fursa Sukuk, the first Islamic bond listed on the Dar es Salaam Stock Exchange in 2022.
He explained that Sahl Banking operates under profit-sharing and asset-backed financing principles while avoiding interest (Riba), meeting the growing demand for ethical banking solutions among Zanzibaris.
Dr. Akil commended KCB for bridging conventional banking with the ethical values of the local community and urged the bank to continue developing innovative financial products aligned with the government’s vision of a digital and inclusive economy.
The Iftar gathering brought together government leaders, religious figures and members of the business community, reflecting the spirit of unity during the holy month of Ramadan.
