First National Bank Botswana (FNBB) relaunched its Islamic Banking facility which has been in Botswana for 10 years and has over the years enjoyed tremendous success. FNBB CEO Steven Bogatsu said the journey of Islamic Bank offering dates as far back as 2007 when FNBB pioneered the move to start Islamic Finance. According to Bogatsu, this then necessitated a repackaging to ensure relevance in the market. He thanked the customers for allowing them the necessary time to look at the product and repackage it. “This is accompanied by an improved market understanding and this required a further assessment of experts in the Islamic Banking so that they are able to provide you with a quality service that you all deserve,” he said. Bogatsu said adopting and collaborating with FNB Group on the product remains one of their strengths as a bank. He said vast opportunities lie ahead in Islamic offering because it makes available a number of Shariah compliant solutions which include personal transaction accounts, business transaction accounts, vehicle and asset finance and commercial and residential property. “Islamic banking has become one of the most dynamic growth areas and an increasingly important financial mediation and with a redesigned one in Botswana our customers will now be able to access Shariah compliant offerings from FNBB as much as the world does,” he said.
FNBB Islamic Banking Manager Tahera Mhaisker expressed her excitement about their new re-launched product which is solely based on the Islamic law. She said on their transactional accounts which are both personal and for business one does not pay or receive interest and overdraft facilities linked to the transactional account. “This is because overdrafts are not Shariah compliant,” she said. First Rand Islamic Financial Services CEO Amman Muhammad said Islamic Banking is something that just makes sense and is a unique offering. He said in Islam there is nothing wrong with being wealthy but rather what is important is the process in which they follow. He reiterated that their Shariah teams, which always make research on the product, are the ones that make it what it is. He said they make sure that they deliver quality banking. “We ensure that at the end of the day whatever the requirements of our customers are, they get assisted effortlessly and it is so humbling that FNB Islamic Banking was voted as the most successful Islamic Banking window in the world and being acknowledged in the world through combination of innovation and uncompromised compliance from Shariah,” he said.