Former Tanzanian President Ali Hassan Mwinyi has welcomed increased cross-border investment among East African countries, especially in delivery of financial services.
Mr Mwinyi said this in Dar es Salaam, when officiating at the launch of KCB Bank Sharia Branch and lauded the firm for its continued investment in the country.
He said KCB Bank, which was formerly known as Kenya Commercial bank, has contributed to the country’s economic growth, creation of jobs and payment of revenue to government coffers.
The former president further said he was aware of the bank’s corporate social responsibility (CSR) programmes, including donation of food, clothes and various facilities to offers and other less fortunate members of the society.
The KCB Bank Managing Director, Mr Moezz Mir, said sharia banking segment was among the fastest growing products. “We are proud to be recognized as the first bank in Tanzania to offer sharia banking,” he said.
He pointed out that sharia compliant banking has evolved to become an integral part of the global financial system transcending across the world from Asia to America, the Middle East, Europe and Africa.
He said the assets worldwide have expanded from approximately 150 billion dollars in the 90’s to 1.3 trillion dollars by 2011 and is expected to have reached US$ 1.6 trillion dollars by the end of 2012.
KCB Bank boasts of being the oldest in East Africa. It was established in Zanzibar in 1896 and later moved to Mombasa and Nairobi, before coming to Tanzania in 1997.
“It is now the largest in East Africa in terms of assets and a network of 226 branches and over 400 ATMs.
The bank has representation in Tanzania, Kenya, Uganda, Rwanda, South Sudan and Burundi,” said the Chairman of KCB Bank Board of Directors, Dr Edmund Mndolwa.
Originally published on: Daily News Tanzania