Gulf Africa Bank plans to enter Tanzania in 2014
Bank officials said this is part of its strategy to expand into Central and East Africa with Uganda and Somalia up next after Tanzania.
Tanzania has two fully Sharia compliant banks. Gulf African Bank, a Kenyan bank that provides Sharia compliant products and services, will enter the Tanzanian market in the second half of 2014, targeting the country’s Muslim community.
The timeline to invest in the two countries was not indicated. The bank said it will ride on opportunities created by the EAC integration allowing investors to operate across the five member states.
The announcement comes as Uganda gears up to change its laws and allow Sharia banking. “We have already done the groundwork and submitted our proposals to the line minister who is supposed to present it before Cabinet,” said Godfrey Yiga Masajja, the deputy director of commercial banking at the Bank of Uganda.
Tanzania has two fully Sharia compliant banks, and Somalia is keen on modelling its emerging financial systems along Sharia lines. Of the five EAC member states, Uganda is the only partner that has not incorporated Islamic banking and financing into its systems.
Gulf African Bank said it will compete with bigger banks like Barclays, Diamond Trust, Equity and KCB that have spread across the country and East Africa.
Source: newskenya.co.ke
The timeline to invest in the two countries was not indicated. The bank said it will ride on opportunities created by the EAC integration allowing investors to operate across the five member states.
The announcement comes as Uganda gears up to change its laws and allow Sharia banking. “We have already done the groundwork and submitted our proposals to the line minister who is supposed to present it before Cabinet,” said Godfrey Yiga Masajja, the deputy director of commercial banking at the Bank of Uganda.
Tanzania has two fully Sharia compliant banks, and Somalia is keen on modelling its emerging financial systems along Sharia lines. Of the five EAC member states, Uganda is the only partner that has not incorporated Islamic banking and financing into its systems.
Gulf African Bank said it will compete with bigger banks like Barclays, Diamond Trust, Equity and KCB that have spread across the country and East Africa.
Source: newskenya.co.ke
