Best Islamic bank: CRDB Al Barakah Banking
CRDB Bank’s Islamic banking window Al Barakah Banking strengthened its position as Tanzania’s leading Shariah-compliant banking franchise in 2025 through a combination of strong financial performance, regulatory alignment and market-first innovation.
The business exceeded targets across its key metrics, with deposits rising to TZS356 billion, financing reaching TZS307 billion and revenue increasing to TZS31 billion, while maintaining non-performing financing at just 1%.
What distinguished CRDB Al Barakah Banking during the review period was not only its growth but its increasingly important role in shaping Tanzania’s Islamic finance ecosystem. The bank invested in Islamic capital markets development, Shariah-compliant liquidity management and post-core banking migration system readiness, while aligning its operations with Tanzania’s new Non-Interest Banking Regulations introduced in 2025.
A defining achievement was the launch of East Africa’s first multi-currency sukuk, listed on the Dar es Salaam Stock Exchange. Structured as an ijara sukuk, the transaction attracted exceptional demand, with the TZS tranche oversubscribed by 400% and the USD tranche by 600%, drawing participation from retail, institutional, diaspora and international investors. The issuance not only diversified CRDB’s funding base but materially advanced the development of Islamic capital markets in Tanzania.
Retail banking remained a central pillar of Al Barakah’s strategy. The bank shifted from pure customer acquisition towards deeper value-based engagement, helping to improve balances per customer and long-term profitability. Digital capabilities played an increasingly important role, with customers accessing products and sukuk investments through SimBanking and CRDB’s nationwide branch network. The bank also expanded Shariah-compliant financing for small and medium-sized enterprises (SMEs) and corporates through asset-based, trade-linked and working-capital solutions, supporting enterprise growth across multiple regions of Tanzania.
Customer confidence was reinforced by strong governance and Shariah assurance frameworks. CRDB confirmed that TZS254.8 billion of surplus deposits were designated as fully Shariah-compliant and segregated from non-permissible activities, while its dedicated Shariah Advisory Board maintained ongoing oversight of products, governance and regulatory compliance. Continued investment in staff-capability building and system enhancement further strengthened the franchise’s operational foundations for future growth.
Best sukuk deal: CRDB Al Barakah
CRDB Al Barakah’s TZS30 billion and $5 million ijarah sukuk
In October 2025, CRDB issued the first multi-currency sukuk in East Africa. The Al Barakah sukuk had an asset-backed, ring-fenced ijarah structure, and consisted of a TZS30 billion and a $5 million tranche, with a five-year tenor maturing in 2030. It was listed on the Dar es Salaam Stock Exchange on October 17, 2025.
The deal saw strong validation from the market, with the TZS tranche oversubscribed by 400% and the USD tranche by 600%. The investor base spanned retail, institutional, diaspora and international investors, including one UK-based anchor investor who committed up to $15 million. The sukuk provided CRDB with a new Shariah-compliant long-term funding channel, while also helping to deepen and formalise Tanzania’s Islamic finance ecosystem.
