Amana Bank

What Amana Bank does

Amana Bank (T) Ltd is Tanzania's first fully fledged Islamic commercial bank, established in October 2009 by a group of prominent Tanzanian businessmen and operational since November 2011. The bank delivers Sharia-compliant retail, SME, corporate, and diaspora banking products structured under Islamic finance contracts (Murabaha, Mudharabah, Wadiah, Qardh, Kafalah, and Diminishing Musharakah), supervised by an independent Sharia Supervisory Board. Its product suite spans savings and current accounts (including niche persona-based products for women, students, retirees, boda-boda riders, and diaspora customers), trade finance instruments (letters of credit, bank guarantees), working capital and asset-based financing, consumer and housing financing, Hajj/Umrah savings, Zakat collection, and foreign exchange services.

The technology platform combines a proprietary Islamic banking core with multiple digital channels: a mobile banking application (iOS and Android), USSD-based mobile/SMS banking (*150*12#), 24/7 internet banking, Mastercard debit cards with Masterpass QR, and the Halal Pesa service integrated with Vodacom's M-Pesa mobile money platform. Distribution is anchored by 10 physical branches across Tanzania (Dar es Salaam, Arusha, Mwanza, Tanga, Zanzibar, Dodoma) and an extensive Wakala agency network of 3,010+ agents enabling last-mile cash-in/cash-out. The bank also partners with Western Union, MoneyGram, and SWIFT for remittances, and with USAID on a Development Credit Authority guarantee for agriculture and SME lending.

The revenue model is built on net financing income from Sharia-compliant financing products (Q4 2025 net financing margin: 4.30%; net financing income Rs.2.23 billion, up 28% YoY), transaction and service fees (letters of credit, bank guarantees, FX, transfers), and Mudharabah profit-sharing returns to investment account holders. Reported full-year 2025 earnings were Rs.2.48 billion, up 40% year-on-year, driven by 33.2% growth in customer advances. Customer base spans retail, SME (Biashara), corporate, NGOs, women (Annisaa), diaspora (Kilimanjaro), and pensioner segments; partnerships with USAID, ZAFICO, Vodacom, Property International, and Western Union/MoneyGram extend reach into agriculture, fisheries, ride-hailing, real estate, and remittance verticals.

Name

Amana Bank

Legal name

Amana Bank (T) Ltd

Website

https://amanabank.co.tz

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

101–250 employees

Short description

Amana Bank is Tanzania's first fully fledged Islamic commercial bank, providing Sharia-compliant retail, SME, corporate, and diaspora banking through 10 branches, 3,010+ Wakala agents, mobile and internet banking, and a Vodacom M-Pesa Halal Pesa integration.

Ownership category

akta.pro rank

Product category

Islamic Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

akta.pro secondary industries

Islamic SME & Commercial Banking (FSABAGAB), Islamic Treasury, Liquidity & Interbank (Commodity Murabaha, Sukuk Liquidity) (FSABAGAK), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF), Islamic Corporate Banking (FSABAGAC)

Keywords

• Islamic banking services
• Sharia-compliant financing
• Trade finance solutions
• Murabaha financing products
• Tanzanian retail banking

Headquarters

HQ city

Dar Es Salaam

HQ country

Tanzania

HQ region

Africa

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Net Financing Income: Income from Sharia-compliant financing products including Murabaha (cost-plus financing), Mudharabah (profit-sharing), and diminishing Musharakah arrangements. Q4 2025 net financing income was Rs.2.23 billion, up 28% YoY with net financing margin of 4.30%
2. Banking Services and Transaction Fees: Fees from various banking services including account maintenance, wire transfers, foreign exchange transactions, trade finance (letters of credit, bank guarantees), money transfers (Western Union, MoneyGram), and customs clearance services
3. Investment Account Profit Distribution: Profit-sharing returns to investment account holders under Mudharabah contracts. The bank acts as Mudarib managing customer investment deposits with profits distributed according to agreed ratios

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels5 records

Core offering

Amana Bank provides Sharia-compliant commercial banking services in Tanzania, operating across retail, SME, corporate, and diaspora segments. Its offerings include riba-free savings and current accounts, Murabaha, Mudharaba, and Diminishing Musharakah financing products, letters of credit, bank guarantees, foreign exchange, money transfer, Zakat services, and trade finance, delivered through branches, a 3,010+ agent network, mobile app, USSD, internet banking, and an M-Pesa integration.

Product overview

Amana Bank is Tanzania's first and fully fledged Islamic (Sharia-compliant) commercial bank, established in October 2009 and operational since November 2011. The bank operates a comprehensive platform of banking products organized across six core pillars: Personal Banking (savings and current accounts including Personal Savings, Nuru Savings for children, Annisaa for women, Student Savings, Salary Savings, Nafuu Savings, Hajj & Umrah Savings, Fixed Deposit, Boda Boda, Kilimanjaro Diaspora, and Mafao Savings for retirees), Corporate Banking (Corporate Current Account, Biashara for SMEs, NGOs Current Account, and Ihsan for houses of worship), Trade Finance (Letters of Credit, Bank Guarantee, Customs Clearance, and TRA Tax Payment), Financing (Working Capital, Short Term Working Capital, Asset Based, Plot, House, Consumer, Pensioner, Elimu Education, and Solidarity Group Financing), Digital Banking (Internet Banking, Mobile/SMS Banking, Amana Bank Mtaani agent network, Halal Pesa via M-Pesa, and Mastercard debit cards), and Treasury/FX Services (Spot Exchange, Forwards, Swaps). The entire product suite is structured under Islamic finance contracts including Murabaha, Mudharaba, Wadiah, Qardh, Kafalah, and Diminishing Musharakah, supervised by an independent Sharia Supervisory Board. The bank also offers Zakat collection and distribution services. Key partnerships include Vodacom M-Pesa for Halal Pesa, Mastercard for cards and payments, and Western Union and MoneyGram for international remittances.

Differentiator

Problem solved

Functional benefit

Brands

• Halal Pesa: A mobile money savings and contribution service launched in partnership with Vodacom M-Pesa, enabling customers to save and contribute to religious and social activities while earning Halal benefits compliant with Sharia principles.
• Amana Bank Mtaani
• Amana Bank App

Products and services

• Personal Savings Account A riba-free savings account based on the Wadiah contract that lets individual customers hold funds safely, with a TZS 20,000 minimum opening balance and access to ATM, SMS alerts, and internet banking.
• Nuru Savings Account A Mudharaba-based savings account for children under 18, allowing parents to save for their children's future while earning a Halal return.
• Annisaa Account A customized savings account designed for women, providing private teller services at all branches and free over-the-counter balance inquiry.
• Student Savings Account A savings product for higher learning students that simplifies cash management through deposits and withdrawals via Amana Bank Mtaani and mobile cash networks.
• Salary Savings Account A Sharia-compliant account for salaried individuals working with organizations that have banking relationships with Amana Bank, with no minimum opening balance and ATM debit card access.
• Nafuu Saving Account A low-threshold savings account for small entrepreneurs and informal employees with a TZS 10,000 minimum opening balance and ATM debit card access.
• Hajj & Umrah Savings Account A Mudharaba Mutlaqa-based savings and financing product designed to help Muslims save and pay for Hajj and Umrah pilgrimage through installments, with Qardh financing facilities up to TZS 1.5 million.
• Fixed Deposit A riba-free investment product with negotiated profit-sharing ratios, available in TZS and USD with maturity periods of 90, 180, and 360 days and a minimum opening balance of TZS 1 million or USD 1,000.
• Term Deposit Local and foreign currency fixed deposit accounts with tenors of 3, 6, 9, and 12 months and a minimum opening balance of TZS 1 million or USD 1,000.
• Boda Boda Account A special savings account for Bajaj and Bodaboda riders and owners to manage funds and improve businesses, with a TZS 10,000 minimum balance.
• Kilimanjaro Diaspora Account A Sharia-compliant account for Tanzanians living and working abroad, providing deposits, withdrawals, transfers, and dedicated relationship officer support.
• Mafao Savings Account A Sharia-compliant savings account for retirees with quarterly profit distribution and access to the Pensioner Financing Scheme.
• Corporate Current Account A Sharia-compliant current account for corporate clients with cheque book access, unlimited deposits and withdrawals, internet banking, and dedicated relationship managers.
• Personal Current Account A joint current account for up to 4 individuals for daily transactions via cheque book, with Mastercard debit card and SMS/internet banking.
• NGOs Current Account A specialized current account for non-governmental organizations offering Sharia-compliant financial solutions, negotiated foreign currency rates, and a dedicated relationship officer.
• Biashara Current Account (SMEs) A current account designed for small and medium enterprises, enabling business transactions via cheque book with internet banking and debit card access.
• Ihsan Current Account A Qardh-based current account for houses of worship and non-profit entities with no opening balance and priority banking services.
• Working Capital Financing Murabaha-based financing for the purchase of finished, semi-finished, or raw materials for resale or production, with repayment periods up to 1 year.
• Short Term Working Capital Financing A Qardh Hasan-based limit-approved facility for customers with current accounts to enable transactions despite insufficient funds, with a maximum repayment period of 30 days.
• Asset Based Financing Murabaha financing for the purchase of plant, machinery, and equipment for manufacturing entities, with repayment periods up to 3 years.
• Plot Financing Murabaha financing for surveyed land plots in partnership with Property International Limited, with tenure up to 18 months and a minimum 20% client contribution.
• House Financing Diminishing Musharakah financing for residential and commercial property, with tenure of 7 years for employees and 5 years for business-oriented persons, up to TZS 100 million.
• Consumer Financing

Quantifiable outcome

• Q4 2025 earnings grew 33% YoY to Rs.873.74 million
• +3 more outcomes

Named customers5 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• ZAFICOcoreStrategic or Co-development Partner · 12 April 2022Partnership with ZAFICO to provide fishermen in Unguja and Pemba islands with boats and motors. The program, in collaboration with USAID funding, enabled fishermen to receive 16 boats and motors worth TZS 108 million, targeting over 800 boat owners and 650 fishermen.
• Taxify (TY Services Limited)minorStrategic or Co-development Partner · 13 November 2018Partnership to provide motor vehicle financing scheme for Taxify drivers in Tanzania. The bank provides financing to enable ride-hailing drivers to own motorcycles and vehicles, with eligibility criteria including adequate driving experience and good records.
• Vodacom TanzaniacoreTechnology or Integration · 1 January 2018Partnership to launch Halal Pesa, a financial service enabling M-Pesa customers to deposit savings in Sharia-compliant manner and contribute to religious and social activities. The service includes Personal Savings, Hajj Savings, Nuru Savings, Fixed Deposits, and Zakat contributions accessible via M-Pesa.
• Western UnioncoreChannel Partner/ Reseller/ DistributorWestern Union money transfer services available at all Amana Bank branches, enabling customers to send and receive money worldwide including Send Money, Receive Money, Quick Pay, and Quick Cash services.
• MoneyGramcoreChannel Partner/ Reseller/ DistributorMoneyGram international money transfer services available at all branches, allowing users to transfer money, money orders, and bill payment to people who don't have bank accounts.
• Property International Limited (PIL)coreStrategic or Co-development PartnerPartnership to provide plot financing to customers under Sharia-compliant Murabaha contract. Through this partnership, over 300 customers have acquired surveyed plots in various locations including Kigamboni, Mkuranga, and Bagamoyo areas. The bank provides up to 80% financing with repayment periods of up to 3 years.
• Local Market Groups and CommunitiescoreStrategic or Co-development PartnerPartnership with formal and informal sector groups for Solidarity Group Financing program. Group members must be from the same market center/community and are vetted by the bank, with close relatives excluded from the same group.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• CRDB Bank: Largest commercial bank in Tanzania and Amana's most direct domestic competitor for retail, SME, and corporate banking; competes for the same deposit and financing customers across the country.
• NMB Bank Tanzania: Another of Tanzania's largest banks with extensive retail and SME franchise; competes head-to-head with Amana on deposits, consumer financing, and corporate banking services.
• Gulf African Bank: Kenya's dedicated Sharia-compliant commercial bank; comparable to Amana as a fully-fledged Islamic bank in East Africa serving retail, SME, and corporate customers with similar Murabaha/Mudharabah contracts.
• National Bank of Commerce (NBC) Tanzania: Major Tanzanian commercial bank (part of Absa Group) offering retail, SME, and corporate banking; competes directly with Amana for the same Tanzanian customer base and trade finance opportunities.

Emerging players

• Jaiz Bank: Nigeria's first fully-fledged non-interest (Islamic) bank, comparable to Amana as an early-stage Islamic banking pioneer in Sub-Saharan Africa serving retail and SME customers with Sharia-compliant products.
• First Community Bank (FCB) Kenya: Kenyan bank with an established Islamic banking window offering Sharia-compliant products in East Africa; overlaps with Amana in regional Islamic-banking ambitions though smaller in Islamic-banking scale.

Broad incumbents

• Bank Islam Malaysia: Malaysia's flagship Islamic bank offering end-to-end Sharia-compliant banking including agent and digital channels; comparable as a fully-fledged Islamic bank with multi-channel distribution strategy similar to Amana's.
• Qatar Islamic Bank (QIB): Leading Islamic bank in the MENA region with retail, corporate, and treasury offerings under Sharia principles; relevant peer for product architecture, digital Islamic banking, and Sharia governance benchmarking.
• Dubai Islamic Bank: One of the world's largest Islamic banks, offering a comparable product suite of Murabaha, Mudharabah, and trade finance; serves as a global benchmark for Islamic-banking scale, governance, and product breadth.
• Stanbic Bank Tanzania: Subsidiary of Standard Bank Group operating across retail, corporate, and investment banking in Tanzania; competes broadly with Amana while bringing global-banking capabilities beyond its niche focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/amanabankltd
• Facebookfacebook.com/amanabanktz
• LinkedInlinkedin.com/company/amana-bank-limited
• Instagraminstagram.com/amanabank

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amana Bank