The Rosemary Senyamule, Regional Commissioner for Dodoma, has commended the efforts of NBC Bank Tanzania for expanding financial inclusion through its interest-free banking service known as La Riba (Islamic Banking), saying the service has opened new opportunities for Muslims to participate fully in economic activities without going against the principles of their faith.
Ms. Senyamule made the remarks over the weekend in Dodoma while officiating an iftar event organized by NBC for its Muslim customers and various stakeholders, including religious and government leaders. The event was also attended by the bank’s executives and officers led by Rayson Foya, NBC’s Chief Finance Officer, who represented the bank’s Managing Director Theobald Sabi.
Speaking at the event, Ms. Senyamule said financial services that follow Islamic principles have become an important catalyst in enabling Muslim believers to participate fully in the formal financial system, thereby accelerating economic activities in society.
“The La Riba service has opened doors for our fellow citizens of the Islamic faith to fully participate in financial services without fear of going against their religious principles. This is a very important step in strengthening financial inclusion and encouraging citizens’ development,” she said.
She added that the availability of such services encourages more citizens to use formal financial institutions to expand businesses, agriculture, and other economic activities, contributing to the growth of both the regional and national economy.
On his part, Mr. Foya said the La Riba service has continued to receive a strong response from Muslim customers across the country, offering them financial services that align with their religious beliefs.
He said that through this window, more than 24,000 customers are currently being served, with deposits exceeding TSh 90 billion, while financial facilitation provided through the system has surpassed TSh 48 billion.
“These figures clearly show that La Riba services have been well received by our Muslim customers. We will continue strengthening these services to provide financial solutions that match the needs and beliefs of our clients,” Mr. Foya said.
He added that during the holy month of Ramadan, the bank considers it important to further strengthen its relationships with customers and stakeholders by engaging with them in social and economic activities.
Mr. Foya also noted that NBC has successfully developed and offered various Islamic-compliant financial services, including savings and business accounts, fixed investment accounts, as well as financial facilitation through the Murabaha system.
In another development, Ms. Senyamule praised NBC for its contribution to sports development and community welfare through the NBC Dodoma Marathon, which has continued to serve as an important platform for stimulating economic activity in the city of Dodoma.
She said the marathon, which last year attracted more than 12,000 participants, has helped stimulate economic activities in sectors such as business, tourism, and services, while also helping to raise funds to improve maternal and child health services.
Speaking about the marathon, Mr. Foya emphasized that NBC will continue supporting community development initiatives through various social projects, including the marathon, which not only promotes sports but also helps save lives through health-related programs.