• TAMPRO Headquarter, Magomeni, Kinondoni District, Dar es Salaam

Dr. Abeid Gasper (L) Chairman of TAMPRO SACCOS LTD receiving the certificate of registration from Cooperative Officer, Kinondoni Municipality, Mr. Ramadhan Bukuku on 9 May, 2010 at Lamada HoteL, Dar es Salaam, during official launching of the SACCOS.

TAMPRO felt a responsibility of establish a model Islamic Micro-credit facility to demonstrate practically how teaching of Islam addresses poverty without interest (riba) transaction. Therefore, in January, 2010, experts of TAMPRO prepared a proposal for running a riba free microcredit facility and submitted to the Government for registration. By then in country there was none of its kind. After passing some difficulties, at last in May, 2010, the Government registered TAMPRO SACCOS LTD (SACCOS stand for Savings and Cooperative Credit Society).
In Tanzania context as elsewhere in the world, with their emphasis on lending, mobilising savings and management at local level, SACCOs appear to be a very promising mechanism for delivery of financial services to the rural poor throughout the country. In view of their proximity to their clients, the operating and transaction costs of SACCOs are relatively low. Further, being organisations formed by beneficiaries themselves, the latter feel a sense of ownership in their respective SACCO and, hence, ensure that operations are conducted according to established criteria and procedures – this has resulted in more effective operations mirrored also in reduced risks in lending and repayments.
Finally, SACCOs are democratic institutions where members have a voice in the policies of the SACCO, particularly regarding the setting of interest rates on savings/loans. For TAMPRO SACCOS LTD all transactions will be riba free and was agreed by all members and written in the constitution and proposal submitted to the Government.
Muslims in Dar es Salam city, Tanzania attended launch ceremony of the first interest free microcredit institution (SACCOS) owned by TAMPRO on 9 May, 2010 at Lamada Hotel, Dar es Salaam. More than 200 Muslims (male and female) attended the ceremony, and 120 joined the SACCOS.