Tanzania

Active marketChecked 2026-11-14 · confidence high

People's Bank of Zanzibar and CRDB Bank are on the Bank of Tanzania's licensed list and run Islamic windows (PBZ Ikhlas, CRDB Al Barakah) with named products on their own sites. BoT issued non-interest banking regulations on 19 Dec 2025, and several sukuk are listed on the DSE.

Five checks

Banking rulesFound

The Bank of Tanzania issued the Banking and Financial Institutions (Non-Interest Banking Business) Regulations, 2025 (Government Notice No. 688, 19 Dec 2025) under the Banking and Financial Institutions Act. They apply to all banks and financial institutions doing non-interest business in Tanzania, and cover setting up non-interest banks and windows, Shari'ah advisory committees and separate books. In Zanzibar, the Zanzibar Microfinance Services Act No. 9 of 2023 also covers Islamic microfinance.

  • “These Regulations shall apply to all banks and financial institutions that conduct non-interest business in the United Republic.”
    Bank of Tanzania · 2025-12-19
  • “All products and services provided by the Islamic microfinance service providers shall follow Islamic financing principles”
    Bank of Tanzania (hosted copy) · 2023
  • “microfinance service operating under the Islamic Principles.”
    Bank of Tanzania (hosted copy) · 2023
  • “The Banking and Financial Institutions (Non-Interest Banking Business) Regulations, 2025”
    Bank of Tanzania · not shown
Licensed banks and windowsFound
Sukuk issuedFound
  • Zanzibar Sukuku Bond Tranche 1 (code RGOZ-2025/32; DSE issuer field: Bank of Zanzibar; CMSA appendix: Zanzibar Treasury Sukuk / Zanzibar Sukuk Limited) · 2025 (issued 21 May 2025, 7 years) · TZS 164,599,001,000 plus USD 80,736,415 (DSE)
  • CRDB Bank PLC - Al Barakah Sukuk · 2025 (issued 8 Oct 2025, 5 years) · TZS 125,899,060,000 plus USD 32,310,020 (DSE)
  • KCB Bank Tanzania Limited - Mapato Sukuk (DSE issuer field: Kenya Commercial Bank Limited) · 2026 (issued 28 May 2026, 3 years) · TZS 30,236,900,000 (DSE)
  • KCB Bank Tanzania Limited - KCB Sukuk Bond (CMSA lists 'KCB Fursa Sukuk') · 2022 (issued 16 Dec 2022; matured 16 Dec 2025) · TZS 22,085,000,000 (DSE)
  • Fay Properties Company Limited (SPV of Stemregen Tanzania Limited) - Fay Sukuk · 2026 (approved/raised in Jul-Sep 2026 quarter) · TZS 1.503 billion raised vs TZS 1.3 billion offer (CMSA)
Takaful (non-interest insurance)Found

TIRA publishes a checklist for takaful operator registration (1 Apr 2025) and has takaful agent, broker and bancatakaful categories. Its licensee register, filtered to takaful operators, shows Albarakah Takaful Insurance Company Limited as active and 1st United Takaful Limited as inactive. No takaful-specific regulation appears in TIRA's list of insurance regulations. CRDB's Al Barakah page advertises takaful cover. Zanzibar rules were not checked.

Capital market rulesFound

CMSA's Annual Report 2024/25 lists the Capital Markets and Securities (Corporate and Subnational Sukuk Bonds) Guidelines, 2023. CMSA's July to September 2026 report counts sukuk among listed ethical products and reports on a collective investment scheme run by Alpha Capital that it says invests in line with Shariah. The guideline text was not opened.

Recent developments

  1. 2025-12-19Bank of Tanzania issued the Banking and Financial Institutions (Non-Interest Banking Business) Regulations, 2025 (GN No. 688). source
  2. 2026 Q3 (Jul-Sep)CMSA approved the Fay Properties corporate sukuk, which raised TZS 1.503bn against a TZS 1.3bn offer. source
  3. 2026-05-28KCB Bank Tanzania Mapato Sukuk (TZS 30.24bn, 3 years) issued per DSE. source
  4. 2025-10-08CRDB Al Barakah Sukuk issued in TZS and USD tranches per DSE. source
  5. 2025-05-21Zanzibar Sukuku Bond Tranche 1 (RGOZ-2025/32) issued (TZS 164.6bn plus USD 80.7m, 7 years) per DSE. source
  6. 2025-04-01TIRA published a checklist for takaful operator registration. source

Still open

Points we could not confirm at source yet.

  • Amana Bank Limited is on BoT's licensed bank list (entry 27) and is widely described as a full Islamic bank, but its website was blocked and no primary source describing it as Islamic was read (site behind a Cloudflare challenge on 14 Nov 2026; BoT's list names it without saying it is Islamic), so it is not listed as an institution.
  • KCB Bank Tanzania's Sahl window and other windows (e.g. Exim, NMB) not confirmed on bank sites.
  • Zanzibar-specific insurance/takaful rules not checked; no takaful-specific regulation appears in TIRA's regulations list (only a registration checklist).
  • DSE names the Zanzibar sukuk issuer 'Bank of Zanzibar' while CMSA lists 'Zanzibar Treasury Sukuk' and 'Zanzibar Sukuk Limited'; the legal issuer was not confirmed from a prospectus.
  • Draft Regulatory Reporting Guidelines for Non-Interest Banking Business were reported (secondary, comments closed 7 Aug 2026); not seen on bot.go.tz.
Where we searched
  • bot.go.tz (Bank Supervision institutions list; regulations, guidelines and acts list; BFIA 2006 and other act PDFs searched for 'Islamic')
  • cmsa.go.tz (publications pages; Q3 2026 quarterly report; Annual Report 2024-25)
  • dse.co.tz (corporate and government bond pages)
  • tira.go.tz (publications, takaful operator page, licensee register)
  • Bank sites: pbzbank.co.tz, crdbbank.co.tz, nbc.co.tz, nmbbank.co.tz (no Islamic links found); amanabank.co.tz blocked by a Cloudflare challenge (HTTP 403), not bypassed; tz.kcbgroup.com and exim.co.tz did not respond
  • 14 Nov 2026 review: BoT regulations list re-read and the Non-Interest Banking Business Regulations 2025 PDF downloaded; amanabank.co.tz not retried past its Cloudflare challenge