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It helps in building and promoting community values, promoting community cooperation, and building good governance to provide services regardless of religious ideologies/beliefs. Currently PBZ IKHLAS has eight branches in Unguja, Pemba, Dar es Salaam, Mtwara and Dodoma.
It believes that the services it provides that are in line with the principles of Islamic Sharia are for all Muslims and non-Muslims. This situation leads to the continued establishment of other services that bring competition and provide better services to citizens.
The establishment of the Islamic Bank of (PBZ IKHLAS) due to the decisions of the Board of Directors of the People's Bank of Zanzibar in 2007 after a survey was conducted which revealed that many citizens do not put their money in the bank due to their religious beliefs that reject interest . In order for the bank to go along with the needs of customers. The bank on 17 January 2011 opened the first branch of PBZ IKHLAS, Mwanakwerekwe Zanzibar.
It started providing official services in January 2011 in the Mwanakwerekwe branch, Zanzibar. The bank continued to open two more branches in 2011. One branch is located in Kariakoo, Dar-es-Salaam in Lumumba/Wawi street. In the year 2013, PBZ Islamic Bank officially launched its Headquarters located in Mbarani Street, Unguja, Zanzibar Insurance building. The bank in 2015 has opened two other branches in Tazara Dar-es-Salaam and Mtwara, Tandika in 2021 and the country's headquarters in Dodoma in 2022 to make PBZ Islamic Bank branches up to eight.
