La Riba banking gains strong trust nationwide

DAR ES SALAAM: The National Bank of Commerce (NBC) has been praised for advancing financial inclusion through its interest-free banking service, La Riba (Islamic banking), which has opened new pathways for Muslims to participate actively in economic activities while remaining faithful to the principles of their religion.

Taking the stance in Dodoma Region over the weekend, Dodoma Regional Commissioner Rosemary Senyamule recommended the initiative as one of the ways to empower the population towards fighting poverty.

Dduring the Iftar event hosted by the bank for its Muslim customers and stakeholders,the gathering brought together religious leaders, government officials and members of the business community. Senior bank executives attended the event, led by NBC Chief Financial Officer Rayson Foya, who represented Managing Director Theobald Sabi.

Speaking during the event, the RC Senyamule said Islamic-compliant financial services are playing an important role in expanding participation in the formal financial system, particularly among communities that had previously hesitated to engage with conventional banking due to religious considerations.

She said the La Riba service has enabled Muslims to access banking services without fear of violating their faith, describing the initiative as a significant step toward strengthening financial inclusion and promoting economic empowerment.

According to her, the availability of such services encourages more citizens to use formal financial institutions to grow businesses, invest in agriculture and expand other income-generating activities, contributing to both regional and national economic growth.

Foya said the La Riba service continues to attract strong interest from Muslim customers across the country by offering financial solutions that comply with Islamic principles.

He revealed that through the Islamic banking window, NBC currently serves more than 24,000 customers, with deposits exceeding 90 billion shillings. Financial facilitation provided through the system has also surpassed 48 billion shillings.

“These figures demonstrate the strong confidence our Muslim customers have in La Riba services. We will continue strengthening these offerings to ensure clients receive financial solutions that align with both their needs and beliefs,” he said.

Foya noted that during the holy month of Ramadan the bank places special emphasis on strengthening relationships with customers and stakeholders by engaging them in social and economic initiatives that promote unity and community development.

He added that NBC has developed several Sharia-compliant products under the La Riba portfolio, including savings and business accounts, Fixed Investment Accounts and financing solutions structured under the Murabaha model.

In a related development, Senyamule also commended NBC for its contribution to sports development and community welfare through the NBC Dodoma Marathon, which has become one of the city’s most significant sporting events.

She said the marathon attracted more than 12,000 participants last year and has become an important driver of economic activity in Dodoma by stimulating sectors such as trade, tourism and hospitality.

The event also raises funds to support initiatives aimed at saving the lives of mothers and children.

Foya reaffirmed the bank’s commitment to supporting community development through social programmes, including continued organisation and support of the marathon, which promotes sports while contributing to health initiatives that help save lives.