In 2007, The People’s Bank of Zanzibar Ltd conducted a survey and found out that many citizens avoid putting their money
on banks due to their religious beliefs that prohibited interests. To cater to the needs of the customers, The People’s Bank of
Zanzibar Ltd started PBZ Islamic Banking in January, 17, 2011 opening the first branch at ZSSF building, at Mwanakwerekwe,
Currently the bank has four branches in Unguja, Pemba and Dar es Salaam and is growing very fast in terms of deposits at a
rate of more than 100% per year. In the three years span PBZ Islamic Banking have more than 40,000 customers.
OUR PRODUCTS AND SERVICE
Under the Islamic banking, PBZ offers an array of products ranging from deposit to financing and services ranging from
money transfers to all kinds of trade financing. In brief, Islamic Banking products are mainly divided into deposit mobilization
contracts, such as Al Mudharaba (Saving and Time Deposits) and fund utilization products, such as Bai Muajjal and Murabaha.
Under deposit mobilization, our current offering is current account, Al-Mudharabah (Saving and Time Deposits).
Under financing products we have Bai Muajjal (Sale on Differed Payments) and Murabaha (Sale on Cost Plus Mark Up).
Other products such as Bai Salam (Financing of Agricultural Products) and Bai Al Istinai (Financing of Manufactured Goods)
will be offered later.
• Isla mic Ban kin g Products
Current Accounts Deposits
Al-Mudharabah (Savings and Time Deposits)
IKHLAS - Mortgage Financing
IKHLAS - Lease (Ijarah Financing)
IKHLAS - Shariah Compliant Education Financing
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