Dar es Salaam is a business city with high population compared to any other region in the country. High population and the vibrant business community in Dar, prompt the bank to establish several branches in order to serve its target market effeciently. However, we have opened in Mwanza, Arusha and Tanga and depending on the bank’s performance we may open in other regions.
Amana Bank conducts its operations and transactions with BOT in a manner that the bank doesn’t pay or receive interest. As required by law, we maintain SMR ratio with BOT and to facilitate cheque clearing settlement we maintain a current account with BOT. None of these involves interest payment or receipt.
Amana Bank is largely owned by Tanzania’s prominent businessmen. However, there are foreign individuals who owns some shares.
It is not difficult, all we need is for Masjid to be registered and meet other requirements. More so account for Masjid are enjoying special benefits under Ihsaan account.
Murabaha contract has its benefits and limitations. Among the benefits of Murabaha is the fact that its easy to understand and implement due to lower risk nature of the mode. However, Amana Bank understands the limitation of it and for that matter, it uses Qardh contract and plans to use other instruments in future should the banking regulations allow.
Up country collateral is accepted provided they have the sufficient value to secure the exposure.
Amana Bank priority is to provide alternative financing mechanism which meets Shari’ah rules and principles for all. By doing this, we believe we are improving the lives of our customers. Besides, the bank plans to empower the needy and the lower income earners through Islamic SACCOS and other organizations where possible.
Amana Bank is for all and there is no restrictions in Sharia to serve non-Muslims. Amana Bank understands that financial services is a human necessity and Shari’ah objectives is to secure benefits and fulfill human necessities in line with its rules and principles.
The shareholders of the bank are institutions and individuals. For more information, please find their names in the audited financial statement on our website: www.amananbank.co.tz