Amana Bank Zanzibar - Tanzania

ABOUT AMANA BANK

Amana Bank is a commercial Bank in Tanzania established in 2011. As a fully compliant sharia bank, the bank serves over 34,000 customers using Islamic banking systems throughout Zanzibar and some regions of Tanzania mainland. The Bank offers products and services that meet the needs of not just the Muslims customers but everyone who wishes to join the bank services. It aims at playing a meaningful role in fostering economic development and social progress in Tanzania. Employing over 250 Tanzanians, Amana Bank hopes to contribute to the development of knowledge and expertise in Islamic banking and finance in Tanzania.

1.    SOLIDARITY GROUP FINANCING

This product is designed to cater for the needs of small group of entrepreneurs, formal and informal sectors employees and businessmen which previously could not meet the financing criteria. The facilities aim to help growth of small business through financing working capital, assets based, and other services.

Loan features and Benefits

• It is a shariah compliance financing
• Minimum amount to an individual entrepreneur in the group is TZS 300,000/= and maximum amount is TZS 4,000,000/=.
• Payment period is up to 12 months.
• Weekly repayment will be set up according to the agreement between the bank and customer.
• The entrepreneur shall belong to formed groups vetted by the Bank;

Loan Requirements

• Group members must be resident of the same market center/community;
• Close relatives such as spouses, children, parents, siblings etc. must not be members of the same Saving Group (SG);
• The member shall receive loan approval from members of the group;
• Must be 18 years of age and above
• Must possess valid voters’ registration card, national identity card or passport;
• Must have been banking with the Bank for at least one month,
• Must deposit a certain percentage of financing amount set by this policy as security;
• Must contribute on weekly basis to the Saving Insurance Fund (SIF) a certain amount to be set by the Management;
•  Must have letters of recommendation from the local leader of their place of residence and confirmed by all group members.

2.    ELIMU FINANCING

This product is tailored to cater for students school fees in different levels of education ranging from primary level education to higher level education; various courses leading to diplomas, degrees offered by registered academic institutions that are accepted by Amana Bank.

Loan features for Elimu Financing

• Sharia Compliant financing arrangement
• Finance courses that are acceptable by sharia.
• Facilities are issued for students attending local or overseas academic institutions.
• Flexible and reasonable repayment periods.
• The financing amount is flexible
• Flexible collateral arrangement.
• Maximum payment period of up to 12 months.

Requirements

• For Elimu financing to work, there must be a Memorandum of Understanding (MoU) between Amana Bank and the respective academic institutions.
• The applicant should have account with Amana Bank.

3.    HOUSE FINANCING

House financing is a product designed to solve the problem of increasing demand of accommodation. The product is structured under unique Sharia Compliant Mode of Islamic Banking, Diminishing Musharakah. Through this structure the customer owns the house gradually until he/she eventually becomes the sole owner of such house.

Loan Features for House Financing

• It is Based on Sharia Compliant Mode of Finance; Diminishing Musharakah
• The same House will be Taken as Security or Part of Security
• Max Tenure – 15 Years
• Max Amount – 100 Mil.
• Client’s Contribution, Minimum 20%
• Age of Client at Expiration of Contract, < = 60 Years
• Property Insurance 1%
• Transfer Fee to be Borne by Client

Contacts

ZANZIBAR BRANCH
Malindi, Darajani
House No. 19/1 at Kisiwandui,
Urban District
Zanzibar
P.O. Box 9771
Tell: +255 659 075 144/3
Fax: +255 22 2 129 013