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Tapping the Potential of Islamic Finance in Retail Banking Industry in Tanzania

Explore the transformative impact of Islamic retail banking in Tanzania with innovative products filling market gaps and catering to diverse financial needs, presented by Yassir Salim, Head of Islamic Banking at NBC Ltd. Discover how these offerings range from deposits to financing, empowering underprivileged individuals through interest-free loans and sustainable investments. Embrace the essence of relationship management, creating tailored solutions for wealthier clientele, while prioritizing retail fees based earnings. Stay ahead in the market by continuously innovating Islamic banking products to exceed customer expectations and drive financial inclusion. Jazakallahu Khairan.

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Tapping the Potential of Islamic Finance in Retail Banking Industry in Tanzania

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  1. Tapping the Potential of Islamic Finance in Retail Banking Industry in Tanzania Presented: By Yassir Salim Head of Islamic Banking NBC Ltd

  2. Introduction • Retail banking Serves the Communities. Retail Banking has been the backbone of the success of every Islamic finance company operating in the world. • There is huge demand for Retail Banking facilities. Most of the Retail products are fairly simple and basic lifestyle requirements. • Islamic Retail banking have gone from typical liability gathers to providing asset products that include home and Personal Finance, Auto Finance and shari’ah compliant Credit Cards.

  3. Products offered in Tanzania by Islamic Financial Services Providers

  4. Innovative Products Filling the Gaps1. Deposits and Investment Products

  5. Innovative Products Filling the Gaps2. Financing Products

  6. Innovative ProductsFilling the Gaps Islamic Banks within their retail banking platforms are segmenting their customer base from pure retail banking customers to wealthy customers and ultra – high net worth customers. The concept of relationship management and relation based selling have become more prevalent. The growing importance of retail fees based earnings.

  7. Innovative Products Filling the gaps3. Financing Products The Philosophy underpinning the establishment of Islamic Banks is to cater for the underprivileged. This can be executed solely by the Banks or through mutual understanding with flourishing Shari’ah compliant SACCOS. a) Personal Finance (under Qardh structure) – Interest free loans provided to the distressed and underprivileged for education, rehabilitation and for water and sanitation. c) Micro - initiative investments – collateralized investment provided to the graduated micro clients and micro entrepreneurs. d) Financing Social Entrepreneurship Sustainable Investments.

  8. Conclusion The key strategy for marketing Islamic Banking products is innovation. Islamic Banks must always be at the cutting edge of developing new products. Islamic Finance products must be beyond mimicking conventional products; they must satisfy the customers banking needs and outperform the conventional products in terms of service and pricing.

  9. Jazakallahu Khairan

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