Islamic finance continues to evolve in East Africa

Islamic finance continues to evolve in East Africa

DAR ES SALAAM: Amana Bank, Tanzania’s first fully Shari’ah-compliant bank, was launched on 24 November in Dar es Salaam; the latest of a long line of developments for Islamic finance in East Africa. Chairman of the Board of Directors for Amana Bank, Haroon Pirmohamed, said that the bank is the result of a need for an alternative to a conventional banking system that provides ethical and fair modes of banking for all.