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CRDB Bank has been lauded for its role in supporting government efforts to broaden access to inclusive financial services through the launch of the Al-Barakah Sukuk bond, a Shari’ah-compliant investment instrument.
The commendation came from the Deputy Governor for Financial Stability and Sector Supervision, Sauda Msemo, who spoke on behalf of the Bank of Tanzania Governor during the launch ceremony held on August 9, 2025, in Dar es Salaam. The event was graced by former President Jakaya Mrisho Kikwete as guest of honour.
“I commend CRDB Bank for its significant contribution to the growth of the national economy. This includes enabling the private sector to access affordable financing and introducing innovative financial products such as the Al-Barakah Sukuk bond,” Ms. Msemo said.
She noted that as of June 30, 2025, five banks in the country offer Shari’ah-compliant services, with the number of accounts rising from 223,081 in June 2020 to 809,105 a 263 percent increase.
The value of deposits in this segment has also grown from Sh440 billion to Sh1.4 trillion, marking a 216 percent surge.
Ms. Msemo highlighted that the Government, through the central bank, has implemented reforms to strengthen the safety and resilience of the banking sector.
These include amendments to the Bank of Tanzania Act, 2006, the Banking and Financial Institutions Act, 2006, and the Microfinance Act, 2018. The amendments were passed by Parliament on June 30, 2024.
She added that the central bank has completed preparations for the Non-Interest Banking Business Regulations, which are expected to take effect in the coming months.
Ms. Msemo reaffirmed the Bank of Tanzania’s commitment to working closely with the Capital Markets and Securities Authority (CMSA) to create a conducive environment for Sukuk issuance, saying such initiatives will play a vital role in accelerating national economic growth.