In a commendable move towards financial inclusivity, CRDB Bank has earned praise from Sheikh Abubakar Zubeir, the Mufti of Tanzania and Chairman of the National Muslim Council of Tanzania (Bakwata), for the introduction of Shariah-based insurance services, known as 'Takaful.' The initiative aligns with Islamic principles, offering a significant step towards meeting the unique needs of the Muslim community in Tanzania.
Expressing appreciation for CRDB's commitment to considering the faith of the people, Sheikh Abubakar Zubeir emphasized the importance of Shariah compliance for Muslims and acknowledged the broader appeal of such services to individuals of various faiths.
Mr. Boma Raballa, CRDB's Chief Commercial Officer, highlighted the collaboration with Zanzibar Insurance Corporation (ZIC) Takaful as a major milestone. The partnership aims to introduce Takaful insurance services, contributing to the diversification of financial products in the country.
Dr. Baghayo Saqware, Insurance Commissioner and CEO of Tanzania Insurance Regulatory Authority (TIRA), emphasized the need for innovative solutions to address challenges hindering Tanzanians from utilizing insurance services. Such innovations, he noted, are crucial for the development of the insurance sector and for reaching a broader demographic within the country.
Said Abdallah Basleym, Chief Executive Officer of ZIC Takaful, affirmed the positive impact of their collaboration with CRDB Bank. The partnership is expected to expand the reach of Takaful insurance services, making them accessible to a larger segment of the Tanzanian population.
CRDB Bank's initiative reflects a commitment to financial inclusion, catering to the diverse needs of the Tanzanian population while adhering to Shariah principles, and has garnered recognition from religious and financial authorities alike.