Jetha Lila
Encyclopedia
Jetha Lila was a private bank
established in Zanzibar
that traced its origins to 1880. It was an anomaly in East Africa in that it was local in origin, all other banks being foreign with headquarters outside the region, primarily in the United Kingdom
.
In 1880, Jetha Liladhar, a merchant of a Bombay Bhatia
family, founded the firm to operate as commission agents. The firm added money-changing
to its activities in 1910. In 1920 the Westminster Bank
appointed Jetha Lila its agent to represent its interests in Zanzibar. Finally, in 1933 the Zanzibar government issued Jetha Lila a trading license to permit it to operate as a bank. The bank continued to operate through the 1964 revolution in Zanzibar that led to the overthrow of Sultan Jamshid bin Abdullah and a subsequent merger with Tanganyika
to form the nation of Tanzania
. In the aftermath of the revolution Jetha Lila's primary clients left the island and in 1968 the bank ceased operations, despite the Revolutionary government urging it to stay.
Private bank
Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...
established in Zanzibar
Zanzibar
Zanzibar ,Persian: زنگبار, from suffix bār: "coast" and Zangi: "bruin" ; is a semi-autonomous part of Tanzania, in East Africa. It comprises the Zanzibar Archipelago in the Indian Ocean, off the coast of the mainland, and consists of numerous small islands and two large ones: Unguja , and Pemba...
that traced its origins to 1880. It was an anomaly in East Africa in that it was local in origin, all other banks being foreign with headquarters outside the region, primarily in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
In 1880, Jetha Liladhar, a merchant of a Bombay Bhatia
Bhatia
Bhatia is a group of people and a caste originating from Sindh Province and Rajasthan. The Bhatias primarily live in Northwestern India and Pakistan. They are mainly found among the following ethnic groups or clans: Rajputs, Khatris, Gujjars, Yaduvanshi/Yadav and Bhati...
family, founded the firm to operate as commission agents. The firm added money-changing
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
to its activities in 1910. In 1920 the Westminster Bank
Westminster Bank
Westminster Bank was a British retail bank which operated in England and Wales from 1834 until its merger into the National Westminster Bank in 1970; it remains a registered company but is dormant...
appointed Jetha Lila its agent to represent its interests in Zanzibar. Finally, in 1933 the Zanzibar government issued Jetha Lila a trading license to permit it to operate as a bank. The bank continued to operate through the 1964 revolution in Zanzibar that led to the overthrow of Sultan Jamshid bin Abdullah and a subsequent merger with Tanganyika
Tanganyika
Tanganyika , later formally the Republic of Tanganyika, was a sovereign state in East Africa from 1961 to 1964. It was situated between the Indian Ocean and the African Great Lakes of Lake Victoria, Lake Malawi and Lake Tanganyika...
to form the nation of Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
. In the aftermath of the revolution Jetha Lila's primary clients left the island and in 1968 the bank ceased operations, despite the Revolutionary government urging it to stay.