Standard Bank launches new Islamic products

Published: May 6, 2010

Bank introduces two offerings to serve Tanzanian market.

South Africa’s Standard Bank has moved into Tanzania’s Islamic banking sector following the launch of two new products.

The bank, through its Stanbic Bank subsidiary, is now offering a transactional product and a new current account to people who wish to manage their finances in accordance with the principles of Islamic law.

TransactPlus allows customers to carry out day-to-day transactions while the current account includes access to Internet banking, debit cards and prepaid phone services.

Standard Bank claims that some 65% of Tanzania’s population is Muslim and that it intends to introduce its sharia banking offering to “all other markets” in the coming months.

Stanbic’s managing director in Tanzania, Bashir Awale, says if the bank is to contribute to the development of Africa then it needs to provide products and services that are consistent with the needs and beliefs of its citizens.

Standard Bank Africa’s chief executive of personal and business banking, Terry Moodley, added: “There is a substantial untapped market among Muslims, who make up a large portion of the population in Africa, and Standard Bank Group is mindful of the fact that to be truly an African bank, it needs to ensure that there are products in the market that cater for them.”