This archive report was first published on 8 July 2021.
On July 8, 2021, Finance and Planning Minister Mwigulu Nchemba announced plans to fast-track regulations supporting Islamic banking in Tanzania.
At the seventh African Islamic Finance Summit 2021 in Dar es Salaam, Minister Nchemba advised Aref Nahdi, chairman of the Islamic Foundation, to collaborate with his office to develop the regulations.
Mr. Nahdi had previously expressed concerns that the absence of regulations was hindering institutions offering Islamic banking services in Tanzania, and criticized the Bank of Tanzania for not exploring the matter.
Minister Nchemba, however, urged banks already providing Islamic banking services to adhere to international standards.
The International Monetary Fund and the World Bank have recently issued Islamic banking prudential regulations and supervision guidelines for their members.
Kenya Commercial Bank introduced Islamic banking in Tanzania in 2008, followed by People's Bank of Zanzibar and Amana Bank.
