Shariah banking products were officially launched in Dar es Salaam, with the government challenging bankers to strive for more education to the masses on the sector.
Minister for Planning and Economic Affairs, Mr Mustafa Mkullo said when launching the services in Dar es Salaam that banks should also take their services to rural areas where the majority of Tanzanians dwell.
"People in rural areas have to be educated on banking because due to habits it would be hard for them to believe in banking their money if there is no proper sensitization and education," he said.
He also challenged Stanbic Bank, a member of the Standard Bank Group, the leading emerging markets bank with the largest presence in Africa, to also educate both Muslims and non-Muslims about Shariah banking.The Minister maintained that the government was happy to having Shariah banking in the country and that there are several requests for operating similar services tendered by other banks.
The Managing Director of Stanbic, Mr Bashir Aawale, explained that Shariah banking is a system of banking that is consistent with the principles of Islamic law.