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The People’s Bank of Zanzibar Ltd established Islamic banking services in 2011 to add a new package to its service offering to the public. The bank started the proposition by offering deposit products and towards the end of the year it started offering financing facilities in the form of Bai Murabahah and Bai Muajjal to commercial and individual customers. As the products proved to be a success, management continued with offering other products to cope with market demand and hence, Mortgage Financing, Education financing and IKHLAS Rent Financing were introduced. Currently, additional products like Commodity Murabbah (TAWARRUQ), Musharaka, Istisna, Salam, Hajj financing and Murabahah Revolving Line are in offering.
"A leader in the provision of valued financial services to customers and other stakeholders."
"To provide innovative financial service solutions that are responsive to customers’ needs at competitive costs."
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The People’s Bank of Zanzibar Limited (PBZ) was established on 30th June 1966 in accordance with the Zanzibar companies Decree (Cap 153). PBZ is 100% owned by the Government of Zanzibar. The primary function of the Bank is to carry on the business of commercial banking in all its branches and Departments.
PBZ has a branch and service centres network of twenty-eight branches in Zanzibar and Tanzania Mainland as at September 2022. Eight out of those branches provide Islamic Banking products. The bank provides services to both corporate and retail customers.
PBZ is offering various products and services to customers such as current accounts, time deposits account and saving. The available deposit accounts are denominated into Tanzania shillings and major foreign currencies. Again it offers commercial loans in the form of overdrafts, terms loan and personal loans.
PBZ is well known for its expertise in import and export trade dealings through establishment of letter of credits and bills for collection. Other facilities are bid bonds, performance bonds, guarantees etc.
The plan of the Bank is to enhance its services and extend her branches to as many regions as possible in the country. The Bank also plan to open service centres in various areas out of town to make its services easily reachable by those people living out of the cities where the Bank branches are not available.
The Bank has got a number of ATM than any other bank in Zanzibar. The PBZ ATMs are connected to UMOJA SWITCH and VISA Network where you can access the ATM services wherever you are in Tanzania and beyond through these networks.
