The CRDB’s sharia compliancy banking window “Al Barakah” has won the most promising Islamic banking window award 2024 from the Global Islamic Finance Award (GIFA).

The award ceremony, held at Villa Nautica Paradise Island Resort in the Maldives, brought together top financial institutions to celebrate excellence in Islamic finance.

This honor follows the bank’s success in 2023 when it was recognized with the ‘Upcoming Islamic Banking Window’ award. 

Al Barakah’s impressive growth and innovation in providing Sharia-compliant banking services continue to attract attention from industry experts and customers alike, securing its reputation as a rising leader in the Islamic banking sector.

The bank was represented by Abdul Ally Mohamed, the Chairperson of the Sharia Advisory Board (SAB), Rashid Rashid, Head of Islamic Banking, and Novati Mushi, Manager for Strategic Partnerships and Alliances. 

The award serves as a testament to the bank's strong commitment to offering tailored Islamic banking services that adhere to Islamic financial principles, while also meeting the modern needs of its customers.

One of the most prominent factors for scooping the award is the tremendous growth trajectory the bank has witnessed over the past year. 

Islamic banking deposits grew by an astonishing 317 percent between the first quarter of 2023 and the first quarter of 2024. 

This remarkable growth underscores the confidence customers place in the bank’s ability to deliver Sharia-compliant financial solutions.

The bank has also been lauded for its innovative use of technology in enhancing customer experiences. 

By offering cutting-edge Islamic banking products such as the Murabaha Financing Contract for working capital and asset financing, and the Ijarah Financing Contract to support Hajj and Umrah pilgrimages, Al Barakah has effectively expanded its product portfolio to meet the diverse needs of its customers.

Moreover, Al Barakah's commitment to financial inclusion has played a significant role in its continued success. 

The bank provides access to financial services for individuals who have traditionally been excluded from the conventional banking system, thereby contributing to a more inclusive financial landscape in Tanzania. 

Through its Islamic banking offerings, the bank is fostering economic empowerment while adhering to ethical and religious principles.

Through sharia compliant services, the bank has so fardisbursed over 90bn/- in loans and attracted 85bn/- in deposits. 

These figures reflect the vital role that the sharia compliant service plays in reshaping Tanzania’s financial sector by offering accessible and ethical banking options for a growing customer base.

Al Barakah’s influence is particularly notable in the support of Small and Medium-sized Enterprises (SMEs), which are critical drivers of the Tanzanian economy. 

The bank has channelled 33bn/- into financing SMEs, providing them with the financial backing necessary to grow and thrive. 

This strategic support has positioned Al Barakah as a key contributor to the country’s economic development.

At the core of Al Barakah’s success is its ability to blend faith with modern financial services. 

The bank’s Sharia-compliant banking products have been designed to meet the financial needs of customers without compromising their religious beliefs. 

This is exemplified by the Islamic banking cards, which allow customers to perform financial transactions across agents network, commercial outlets with Point of Sales, and online platforms.

These banking cards also extend beyond Tanzania’s borders, enabling customers to access their accounts internationally, making them ideal for travelers, expatriates, and pilgrims alike.