Best Islamic bank 2025: CRDB Al Barakah Banking
CRDB Al Barakah Banking has distinguished itself within the Islamic banking sector in Tanzania thanks to its multifaceted approach to growth, innovation and adherence to Shariah-compliant products, which demonstrate the bank’s dedication to ethics and financial inclusivity.
At the heart of CRDB Al Barakah Banking’s success lies its remarkable market growth and expansion of its customer base. In just one year, from December 2023 to December 2024, the bank saw its customer numbers swell by 162%, reaching over 296,000. This growth was complemented by a 72% increase in deposits and an equally impressive surge in its financing portfolio, which supports ethical, interest-free lending.
The substantial boost in revenue by 172% further underscores the financial viability and robust economic footing of the bank.
CRDB Al Barakah Banking’s innovation is particularly evident in its product offerings. The bank provides a diverse range of Shariah-compliant financial solutions tailored to the unique needs of its customers, including murabaha financing for working capital and asset acquisition, istisnaa financing for project funding, and ijarah financing to support religious pilgrimages as well as educational aspirations.
Additionally, the Qardh Contract reflects a significant partnership with the Tanzanian government, aimed at providing financial aid to small-scale farmers and fishers. The bank also facilitates equipment financing with minimal collateral requirements, further broadening accessibility.
2024 marked a year of strategic initiatives that reinforced the bank’s commitment to innovation. Noteworthy is the introduction of takaful (Islamic insurance), developed in partnership with ZIC Takaful and CRDB Bancassurance, which successfully onboarded over 300 customers.
The launch of value chain financing in collaboration with Puma Energy notably supports fuel traders. The sadaka account, an ingenious product facilitating religious donations seamlessly for institutions and worshippers, showcases the bank’s dedication to community-oriented services.
Through these concerted efforts, CRDB Al Barakah Banking has not only expanded its market presence but also solidifies its position as a leader in the Islamic banking industry.
