Bank Review: Amana Bank Tanzania—Everything you need to know

Amana Bank Tanzania is an Islamic Bank that provides banking products and services to Muslims and non-muslims.

Amana Bank has more than 34,000 customers. The bank also has 11 branches in different parts of Tanzania.

This article covers the products and services offered by Amana Bank.

History of Amana Bank Tanzania

Amana Bank is the first Islamic Bank in Tanzania. The idea to establish an Islamic Bank in Tanzania was formed in 2009 by a group of prominent Tanzanian businessmen and foreign investors.

Amana Bank started operations in November 2011 after it was granted a provisional license by Tanzania’s central bank in February 2011.

Amana Bank became incorporated with an authorized share capital of Tanzanian shilling (TZS) 100 billion (approx $43 million) and paid-up capital of TZS 21.5 billion (approx $9 million).

Joseph Anthony Gonsalves is the current chairman of Amana Bank’s board of directors.

Amana Bank Tanzania’s products and services

Amana Bank offers bank accounts and loan products to individuals and businesses.

These products are categorised as personal bank accounts, loans, and corporate banking solutions.

Personal bank accounts

These are savings and current bank accounts for individuals living in and outside Tanzania. Most of Amana Bank’s personal bank accounts are based on Wadiah's contract.

Some of Amana Bank’s personal bank account products are:

Personal savings account

This is an interest-free savings account that is available in local and foreign currency (TZS, USD, EUR, GBP, and AED).

A minimum amount of TZS 20,000 or USD, EUR, GBP 100, or AED 150 is required to open the account.

Required documents

• One passport photograph
• A copy of your national identity card / passport / voter card / new driver license
• An introduction letter from your local government or a utility bill with your name displayed.
• A residence or work permit for non-residents

Kilimanjaro diaspora account

This is a bank account for Tanzanians living outside the country. The account can be used to make deposits, withdrawals and transfers. It is available in local and foreign currency (TZS, USD, EUR, GBP, AED).

A minimum amount of  TZS 50,000 or USD, EUR, GBP 50,  or AED 250 is required to open the account.

Required documents

• A filled and signed diaspora account opening form
• Proof of residence ( pay slip, utility bills, etc.)
• Tanzanian passport and a residence or work permit
• Endorsed documentation from an Amana Bank account holder or the Tanzanian embassy
• Two passport photographs

How to open a Kilimanjaro diaspora account

• Fill out and sign the account opening form
• Attach the required documents listed above
• Send the filled form and attached documents to Tanzania. This can be sent through:

1. A reputable courier service like DHL, FedEX, EMS, and TNT to an Amana Bank branch
2. A trusted family member to submit at any Amana Bank branch

• Notify Amana Bank via email of your application. You will be informed on the status of your application

Salary savings account

This is a bank account for employees or individuals that earn a monthly salary. It is available in only one currency (TZS) and no amount is required to open the account.

Requirements

• One passport photograph.
• A copy of your national identity card / passport / voter card / new driver license
• An introduction letter from a local government or any utility bill with the applicant’s name.
• A residence or work permit for non-residents

Boda Boda account

This is a special savings account for Bajaj and bodaboda riders/owners to save for their personal and business needs. The account is available in only one currency (TZS).

A minimum amount of TZS 10,000 ($4.29) is required to open the account.

Requirements

• One passport photograph.
• A copy of the applicant's national identity card/passport / voter card / new driver's license
• An introduction letter from a local government or any utility bill with the applicant’s name.
• A residence or work permit for non-residents

Annisaa account

This is a savings account designed for women. It is available in different currencies (TZS and USD ,EUR ,GBP, and AED).

A minimum amount of TZS 20,000 or USD, EUR, GBP 100, AED 150 is required to open the account.

Requirements

• The applicant must be a woman
• One passport photograph.
• A copy of the applicant's national identity card/passport /voter card /new driver's license
• An introduction letter from a local government or any utility bill with the applicant’s name.
• A residence or work permit for non-residents

Other personal bank accounts are Nuru savings account, student savings account, Nafuu savings account, fixed deposit account, Hajj & Umrah savings account, and Mafao savings account.

You can open an Amana Bank account by visiting any Amana Bank branch with the required documents.

Corporate banking solutions

These are banking solutions for businesses operating in Tanzania. Some of Amana Bank’s corporate banking solutions are:

Corporate current account

This is a Shariah-compliant business account. Corporate current account owners get access to  Amana’s loan products, digital banking channels, chequebooks, and corporate relationship managers (CRM).

A minimum amount of TZS 100,000 or USD, EUR, GBP 500,  or AED 300 is required to open an Amana Bank corporate current account.

Required documents

• A formal application letter
• A filled and signed Amana Bank account opening form
• A certified copy of the business license
• Public companies must present a certified copy of the business trading licence
• A certified copy of the business TIN certificate, Memorandum of Association, and Certificate of Incorporation
• A copy of the business VAT registration (if applicable)
• A copy of the board resolution to authorise the opening of the account
• The business utility bills

TRA tax payment

Businesses can pay their customs duty to Tanzania Revenue Authority (TRA) with Amana Bank's TANCIS (Tanzania Customs Integrated System). The payment process is fast and instant.

Biashara current account (SMEs)

A Biashara current account is a Shariah-compliant account for SMEs operating in Tanzania. Sole proprietorships, partnerships, and limited liability companies can open a Biashara current account.

A minimum amount of TZS 50,000 or USD, EUR, GBP 50, or AED 150 is required to open the account.

Required documents

The required documents depend on the type of business.

Partnership

• A formal application letter
• A filled and signed Amana Bank account opening form
• A certified copy of the business license
• A certified copy of the business TIN certificate
• A copy of the business VAT registration (if applicable)
• A certified copy of the business certificate of registration
• A certified copy of the registrar’s extract
• A certified copy of the partnership deed
• Two passport photographs of the authorised signatories
• A certified copy of the authorised  signatories voter’s card/passport /new driver’s license /new national identity card
• An introduction letter from the local government, employer, or utility bill bearing the applicant's name

Sole Proprietorship

• A formal application letter
• A filled and signed Amana Bank account opening form
• A certified copy of the business license
• A certified copy of the business TIN certificate
• A copy of the business VAT registration (if applicable)
• A certified copy of the business certificate of registration
• A certified copy of the registrar’s extract
• A certified copy of the partnership deed
• One passport photograph of the authorised signatories
• A certified copy of the authorised  signatory voter’s card/passport /new driver’s license /new national identity card
• An introduction letter from the local government, employer, or utility bill bearing the applicant's name

Limited Company

• A formal application letter
• A filled and signed Amana Bank account opening form
• A certified copy of the business license
• A certified copy of the business TIN certificate, Memorandum of Association, and Certificate of Incorporation
• A copy of the business VAT registration (if applicable)
• A copy of the board resolution to authorise the opening of the account
• A certified copy of the authorised  signatories voter’s card/passport /new driver’s license /new national identity card
• One passport photograph of the authorised signatories
• An introduction letter from the local government, employer, or utility bill bearing the applicant's name

Other corporate banking solutions are NGO current account, personal current account, customs clearance service, and Ihsan current account.

Businesses can get started with Amana Bank’s business solutions by visiting any Amana Bank branch with the required documents.

Amana Bank loans

These are business, personal, and education loans offered to Amana Bank customers.

Consumer financing

This is a Shariah-compliant loan product for individuals or employees of private and public organisations. The loan can be used to purchase assets like cars, etc.

You can borrow a minimum of TZS 5 million ($2,145) and a maximum of TZS 50 million ($21,446).

Features and requirements

• Your employer must have an MOU with Amana Bank
• The loan has a maximum repayment period of 36 months for individuals and 60 months for employees
• Your employer must remit your salary through Amana Bank
• Your company must have a minimum of 30 employees to qualify

You can apply for a consumer loan by visiting any Amana Bank branch near you with the required documents.

Asset-based financing

This is a Shariah-compliant loan product under Murabaha. It is used to finance the purchase and sale of assets like machinery and equipment.

The loan is paid back in instalments for a period not exceeding three (3) years.

Features and requirements

• The business must provide sufficient collateral
• The loan can be used to purchase new and used assets
• The loan has a maximum repayment period of 3 years

Businesses can apply for a short-term working capital finance loan by visiting any Amana Bank branch or their assigned relationship manager.

Short-term working capital financing

This is a short-term loan product for Amana Bank customers with a current account. Customers can use the loan to finance their business working capital needs.

Features and requirements

• The loan has a maximum repayment period of 30 days
• The loan is based on Qard Hasan (benevolent loan) contract
• The loan is available 1-3 times in a year

You can apply for a short-term working capital finance loan by visiting any Amana Bank branch or your assigned relationship manager.

Pensioners financing

This is a Shariah-compliant loan for eligible retired workers under PSSSF, HAZINA, NSSF and ZSSF.

Features and requirements

• The pensioner does not need to provide collateral
• The loan is insured against the death or disability of the pensioner
• The loan can be used to acquire household items, plots, business capital, etc.
• The pensioner must receive a monthly pension payment with an Amana Bank account
• The pensioner must have an account with Amana Bank and a pensioner identity card

Required documents

• The pensioner must attach a coloured passport photograph to a filled and signed pensioners financing application form
• An introduction letter from pension funds or the Ministry of Finance (Treasury office)
• A copy of the pensioner’s Identity Card (passport, voter’s ID, national ID or driving license)
• A copy of the pensioner’s identity card
• The pensioner's recent 3 months bank statement
• A statement of the pensioner's contributions for the last six months.

Elimu financing

This is a Shariah-compliant loan product for students at any stage of their education. Elimu financing is available for students in schools that have a memorandum of understanding (MoU) with Amana Bank.

Features and requirements

• Students in Tanzania and overseas academic institutions are eligible for the loan
• The loan has a maximum repayment period of 12 months
• The loan has a flexible collateral arrangement
• The loan amount depends on the applicant’s ability to repay the loan
• The applicant must have an Amana Bank account

You can apply for an Elimu loan by visiting any Amana Bank branch with a filled and signed application form.

You can download the Elimu financing application form here.  

Other Amana Bank loan products are working capital financing, solidarity group financing, plot financing, and house financing.

Amana Bank’s digital banking products

These are alternative channels offered by Amana Bank to their customers to save money, access, and manage their accounts.

Halal Pesa

This is a mobile banking service offered by Amana Bank in partnership with Vodacom. Halal Pesa allows customers to save their money and make contributions toward religious activities in a Shariah-compliant manner.

How to register for Halal Pesa

• Dial *150*00#
• Select Financial services
• Select Halal Pesa
• Select Activate

Types of Halal Pesa products

Personal savings

This is an interest-free savings account. You can deposit money into your Halal Pesa personal savings account by:

• Dialling *150*00#
• Select Financial services
• Select Halal Pesa
• Select Savings
• Select personal account
• Input the amount you want to deposit
• Input your M-PESA PIN

You can withdraw from your Halal Pesa personal saving account by:

• Dialling *150*00#
• Select Financial services
• Select Halal Pesa
• Select Withdraw
• Select personal account
• Input the amount you want to withdraw
• Input your M-PESA PIN

Hajj savings

This is a savings account for individuals interested in savings for Hajj. You can register for a Halal Pesa Hajj account by:

• Dialling *150*00#
• Select Financial services
• Select Halal Pesa
• Select Register account
• Select Savings
• Select Hajj
• Input your M-PESA PIN  

You can deposit money into your Hajj account by:

• Dialling *150*00#
• Select Financial services
• Select Halal Pesa
• Select Savings
• Select Hajj account
• Input the amount you want to deposit
• Input your M-PESA PIN

You can withdraw from your Hajj account by:

• Dialling *150*00#
• Select Financial services
• Select Halal Pesa
• Select Withdraw
• Select Hajj account
• Input the amount you want to withdraw
• Input your M-PESA PIN

Zakat contribution

This product allows Muslims to contribute funds to help communities. You can make Zakat contributions by:

• Dialling *150*00#
• Select Financial services
• Select Halal Pesa
• Select Donate
• Select Zakat
• Input the amount you want to donate
• Input your M-PESA PIN

Mosque contributions

This product is for Muslims to contribute to the development and construction costs of a specific Mosque. You can contribute to Mosques by:

• Dialling *150*00#
• Select Financial services
• Select Halal Pesa
• Select Donate
• Select Mosques
• Input the amount you want to deposit
• Input your M-PESA PIN

You can check the balance of your previous contributions by:

• Dialling  *150*00#
• Select Financial services
• Select Halal Pesa
• Select My account
• Select the account you want to check
• Input your M-PESA PIN

You can learn more about Amana Bank's Zakat services here.

You can also view other Halal Pesa products offered by Amana Bank here.

Amana Bank cards

Amana Bank offers its customers three (3) types of debit cards: Amana MasterCard Burgundy, Annisaa Mastercard Green, and Ashraf Mastercard Black.

Amana Mastercard Burgundy debit cards are for personal savings and salary account holders.

The Annisaa Mastercard Green debit card is for women that own an Annisaa bank account.

The Ashraf Mastercard Black debit card is for Amana Bank’s private banking customers which are referred to as Ashraf customers

You can apply for an Amana Bank card by visiting any Amana Bank branch near you.

Amana Bank’s mobile banking (*150*12# and bank app)

Amana Bank customers can access and manage their accounts through the bank’s USSD code (*150*12#) and app.

With Amana mobile banking, you can:

• Manage your bank account
• Transfer funds to other accounts
• Pay bills
• Request for a chequebook
• Buy airtime

You can register for Amana Bank's mobile banking channels by visiting any Amana Bank branch near you.

You can also register by:

• Dialling *150*12# on your mobile phone and follow the prompts OR
• Download the Amana Bank app from the Playstore and Appstore

Amana Bank’s internet banking

Retail and corporate customers can use the bank’s online banking portal to access and manage their bank accounts.

You need to visit any Amana Bank branch to register for the bank's online banking platform. Registered users can access the Amana Bank portal here.

Frequently asked questions

What is Amana Bank’s contact information?

Amana Bank headquarters address: Ohio Street Golden Jubilee Tower, 2nd Floor Dar-es-Salaam, Tanzania, P.O. Box 9771

Telephone number: +255 659 075 000 and +255 657 980 000.

Fax: +255 22 2 129 013

Email address: info@amanabank.co.tz or customerservice@amanabank.co.tz

You can find an Amana Bank branch here.

What is Amana Bank’s SWIFT code

Swift Code: AMNNTZTZ

Bank Code: 046

You can also learn more about Amana Bank’s money transfer services here.

What are Amana Bank’s fees and charges?

You can view the bank’s tariff charges for its products and services  here

What is Amana Bank’s USSD code

*150*12#

What is Amana Bank’s website

You can visit Amana Bank’s website here.

You can also visit its Facebook, Instagram, YouTube, and LinkedIn pages.

Conclusion

Amana Bank is an Islamic banking institution that offers shariah-compliant products and services anyone can sign up for.

Its mobile banking platforms are also easy to use and sign up for. The only drawback is that the bank does not have a lot of branches.

Sources

https://en.m.wikipedia.org/wiki/Amana_Bank_(Tanzania)