Challenges of Islamic Banking in Tanzania: Operational and Market Penetration Issues
Explore the challenges faced by Islamic banking in Tanzania, including operational hurdles like skilled workforce shortage and regulatory gaps, along with market penetration obstacles such as misconceptions and limited awareness about Islamic banking options.
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Presentation Transcript
CHALLENGES OF ISLAMIC BANKING IN TANZANIA Rashid H.H. Rashid Head, KCB Sahl Banking Tanzania 2018
Table of Contents: What is KCB Sahl Bank KCB Group at a glance KCB Bank Tanzania & KCB Sahl banking Tanzania Challenges of KCB Islamic Banking o Operational challenges o Market penetration challenges
KCB BANK GROUP AT A GLANCE 1. Tanzania 2. Kenya 3. Uganda 4. Rwanda 5. Burundi 6. South Sudan Started in 1896, One system platform The only regional bank with an Islamic Banking window, currently: Kenya & Tanzania Largest regional bank Asset over USD 6.5Billion TZS 14.6 Trillion Profit After Tax USD 215 Million TZS 488 Billion
KCB BANK TANZANIA LIMITED Started in 1997 14 Branches in total: D.S.M (8), Morogoro (1), Arusha (2), Moshi (1), Mwanza (1) & Zanzibar (1). Islamic Banking window 2008 Offer Islamic banking through all branches 2 Full shariah branches: Zanzibar Lumumba
CHALLENGES OF ISLAMIC BANKING IN TANZANIA
CHALLENGES OF ISLAMIC BANKING IN TANZANIA Operational challenges: Shortage of skilled workforce Lack of formal regulatory framework; Lack of shariah compliant money market/capital markets Double taxation Lack of Shariah compliant Insurance, i.e Takaful
CHALLENGES OF ISLAMIC BANKING IN TANZANIA. Market penetration challenges: Imbedded conventional banking culture Limited knowledge & awareness about Islamic Banking Wrong perception in the market: Islamic Banking is for Muslims only (not true) Limited banking capacity/options (not true)
KCB ISLAMIC BANKING (SAHL BANKING) For any enquiries please Contact: SahlBanking@tz.kcbbankgroup.com +255 22 2160330
