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Operation - FAQs
Operation - FAQs

1. Why Amana Bank serves non-Muslims?

Amana Bank is for all and there are no restrictions in Sharia to serve non-Muslims. Amana Bank understands that financial services are a human necessity and Shari’ah objectives is to secure benefits and fulfill human necessities in line with its rules and principles.

2. Is Amana Bank a Tanzanian Bank?

Amana Bank is largely owned by Tanzania’s prominent businessmen. However, there are foreign individuals who owns some shares.

3. Who are the shareholders of the bank?

The shareholders of the bank are institutions and individuals. For more information, please find details in the Investors Relation on our website

4. Why does your bank have many branches in Dar es Salaam?

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 es Salaam, prompt the bank to establish several branches in order to serve its target market efficiently. However, we have opened in Mwanza, Arusha,Tanga and Zanzibar and depending on the bank’s performance we may open in other regions.

5. Does Amana Bank receive or pay interest on its relationship with BOT?

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.

6. Why it’s easy for Masjid to have accounts in conventional bank than Amana Bank?

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.

7. Can we use up country collateral when applying for credit facility?

Up country collateral is accepted provided they have the sufficient value to secure the exposure.

8. Why is Amana bank not implementing other modes of finance instead of Murabaha?

Murabaha contract has its benefits and limitations. Among the benefits of Murabaha is the fact that it’s 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. 

9. Islamic bank objective is to help improving people’s lives. What are the plans for Amana bank to help the lower income earners?

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.




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