Origin of the Bank
Amana Bank Limited is the first fully Sharia compliant bank in Tanzania and opened its doors to the public today on 24 November 2011.
Its beginning can be traced back to October 2009 when a group of prominent Tanzanian business personalities met and set in motion the establishment of an Islamic bank. The Bank was granted a provisional license by Bank of Tanzania on 4 February 2011 and then incorporated on 25 February 2011 with an Authorized Share Capital of TZS100billion and Paid-Up Capital of TZS21.5billion.
The shareholding of Amana Bank comprises prominent Tanzanian business people who subscribe to Sharia principles. The shareholding structure is as follows:
|NAME OF SHAREHOLDER||
|Camel Oil (T) Limited||
|Mohyadin Mohamed Hussein||
|Highland Estates Limited||
|Tanga Petroleum Company Limited||
|Mr Amer Mohamed||
|S T Abri Limited||
|Mr Joseph Anthony Gonsalves||
|Mr Andrew Succour De Mello||
|Mr Farough Ahmed Baghozah||
|Mr Addulkadir Sheikh Mohamed||
|Home Shopping Center Company Limited||
|Mr Abubakari Ali Bahdela||
Our Board of Directors is made up of prominent business people and professionals from different backgrounds who provide guidance to the Bank. The board members are as follows:_
|Mr Haroon Pirmohamed||Businessman||Chairman|
|Mr Abdalla Nahdi||Businessman||Deputy Chairman|
|Dr Idris Rashid||Banking||Managing Director|
|Mr Joseph Gonsalves||Businessman||Director|
|Mr Andrew De Mello||Businessman||Director|
|Mr Ally Said Hemed||Businessman||Director|
|Mr Mohamed Ismail||Legal||Independent Director|
|Mr Salum Shamte||Businessman||Independent Director|
|Dr Muhsin Masoud||Finance||Independent Director|
The second board is the Sharia Supervisory Board. As the pioneer in Sharia compliant banking, the Sharia Supervisory Board approves all our products, services and processes. The Sharia Supervisory Board is made up of prominent Islamic scholars drawn from within and outside Tanzania namely Dr. Mukhawi Mudawi Mukhawi Ismail from Tadamon Bank, Sudan, Proffesor Mohamed Salim Badamana from Kenya and Dr. Abdallah Tego from Tanzania. All of them are very conversant with Islamic finances.
Amana Bank (an equal opportunity employer) has a dedicated, experienced and professional team of employees who are well trained and ready to deliver the highest levels of service to its customers. The management team is led by Dr Idris Rashidi who has a vast experience in the banking sector as well as the private sector. The other members of the management team comprise highly experienced professionals in banking and are well prepared for the rollout of our products and services. Training of all our staff will be given high priority as we aim to provide the best customer service to our customers.
Amana Bank will offer several innovative products which are Sharia Compliant and have been approved by the Sharia Supervisory Board. The Bank offers products and services that meet the needs of not just the Muslims but everyone. Whether you are an individual or corporate, you can be rest assured that Amana Bank can provide you with a full range of world-class financial solutions which include the following:-
- Personal Savings Account
- Term Deposits
- Current Accounts
- Anissaa (Ladies) Account
- Nuru (Children) Account
- Hajj Savings Account; and
- Various financing (riba free) products
The bank is determined to offer these halal products and services in the most friendly manner possible. Moreover there will be specialized areas for women where they will get personalized and private services.
Amana Bank has a fully fledged Treasury Department which also deals in foreign currency. We are in a position to remit funds to any destination through our correspondent banks.
One of the main motivating factors for establishing Amana Bank has been the need to provide an alternative to conventional banking, thus providing an ethical and fair mode of banking for all. Amana Bank is well aware of its responsibility of being the trailblazer in leading the growth of a stable and dynamic Islamic banking system leveraged on cutting-edge technology. Amana Bank has implemented the latest Flexcube Islamic core banking system specifically to cater for Sharia banking operations, thus enbling the Bank to offer internet and mobile banking products.
The Bank intends to spread its wings throughout Tanzania and beyond over a period of time, thus providing customers easy accessibility and convenience through various delivery channels.
The first branch will be located at Tandamti Street, Kariakoo, which has opened its doors to the public today. Before the end of the year, the second branch will open along Nyerere Road and more branches are planned to be opened next year and beyond.
The Meaning of Amana
In the Kiswahili language, amana means trust. Our brand is a sign of security and prosperity, with Amana Bank, you are in safe hands. Our brand stands for security, fairness, ethical world-class financial solutions, economic empowerment to all stakeholders, partnership, social responsibility and superior performance.
Amana Bank is ready to serve the public.
Together, we are on the right path.