Board of Directors

Margaret Ikongo

(Independent Director)

Margaret Ikongo is a Tanzanian Chartered Insurer by profession. She holds international certificate in Risk Management. She was managing director of the national Insurance Corporation for over 10 years and She has also served on the Boards of different companies.

Ms. Ikongo holds a postgraduate Diploma in Financial Management from Institute of Finance Management (IFM) and Masters of Business Administration (Finance) from the Open University of Tanzania, Advance Diploma in Finance in insurance from Institute of Finance Management (IFM), Diploma in Managerial Control and Management Information System from Delft Netherlands, International Diploma in Enterprise Risk Management from Institute of Risk Management UK and she is associated member by examination from Institute of Risk Management UK.

Soula Proxenos 

Director (IFC)

Soula Proxenos has 34 years of experience focused on global housing finance and African private investment. As co-Founder and former MD of International Housing Solutions (IHS), Ms. Proxenos raised over $500 million for private equity investment in Africa’s affordable housing and real estate sector. She is an expert in developing innovative financing solutions to expand the supply of affordable housing for Africa’s burgeoning urban population.

Ms. Proxenos is an adjunct professor at Johns Hopkins University’s Carey School of Business and School for Advanced International Studies (SAIS). Her other directorships include Africa Finance Corporation (AFC), Norsad Finance and FINCA Impact.

Ms. Proxenos holds a B.A. from University of Witwatersrand and MBA from Stellenbosch University.

Charles Mugila 

Director (Azania)

Charles Mugila is the Director of Legal Services and Corporate Secretary of Azania Bank, contributing more than 15 years of experience to the board of FHF.

Mr. Mugila joined Azania in Sep 2005 as the Secretary of its   Credit Recovery Committee, after which he was promoted to his current role in 2017. He is an active member of Tanganyika Law Society and an Advocate of the High Court of Tanzania and other subordinate courts. He is professionally trained on Board Secretariat, Board Directorship, Legal Aspects, Risk Management, Anti-Money Laundering/ CFT and other corporate governance functions.

Mr. Mugila holds a Master’s Degree in Law from the University of Dar es Salaam.

Sanjay Suchak 


Sanjay Suchak has over 30 years of experience as a business leader in Tanzania, having founded and built ARIS, the country’s largest insurance broker. He has held various leadership positions in several organizations and trade associations including as Chairman of the Insurance Technical Committee under the Financial Sector Assessment Programme (FSAP), a World Bank sponsored project.

Mr. Suchak is a former President of the Insurance Institute of Tanzania (IIT), the Tanzania Insurance Brokers Association (TIBA), former Board Member of FNB Tanzania Ltd (part of FirstRand Bank). He is also on the Board of Governance of Shaaban Roberts Secondary School, Dar es Salaam, Tanzania.

Vinod Rustagi

Director (Armut)

Vinod Rustagi is a qualified Chartered Accountant with nearly three decades of experience in finance and accounts, operations management, strategic planning and general management.

After working in various middle and senior management positions in India for two decades, Mr. Rustagi joined Karimjee Group in Tanzania in 2004 as its Director of Finance and was subsequently promoted to COO in 2010 and later to Group MD in 2014.

He is currently responsible for spearheading the group’s diversification initiatives and overseeing the Karimjee Group’s operation comprising of Karimjee Jivanjee, Toyota Tanzania, Salute Finance and City Motors.

Jackson Lohay

Director (Azania)

Jackson Lohay has vast experience in the fields of credit and loan product development in Tanzania. He joined Azania Bank in Apr 2002 as a Mortgage Lending Supervisor   and was later promoted to Senior Manager responsible for the retail banking business in 2017.

Mr. Lohay is a Registered Quantity Surveyor with the Architects & Quantity Surveyors Board and is a member of the of Valuers Registration Board in Tanzania. He has been formally trained in credit, lending, housing finance and other related topics by reputable organizations globally.

Mr. Lohay holds an MBA from Eastern and Southern African Management Institute (ESAMI) and is a Certified Trainer for Housing Finance in Tanzania.

Senkoro Rukwaro

Director (Azania)

Senkoro Rukwaro is a holder of BA (Ed) (Hons) majoring in Economics from University of Dar es Salaam, a Certified Public Accountant (CPA) in Tanzania. He is also an Associate Member of London’s Chartered Institute for Securities and Investments (ACSI). Given his career path he brings a mix of Audit, Credit Management, Finance and Securities Management.

He is a practitioner in the Capital Markets and Securities in Tanzania being licensed by CMSA as Dealer’s Representative for Azania Bank Plc. His expertise and experience will enable him to successful in identifying key value drivers, enhancing risk assessments for First Housing Finance to provide well-informed decisions.

Senkoro joined Azania Bank Ltd in 2009 from Barclays Bank Tanzania Limited where he was Corporate Credit Manager. Prior to working for Barclays Bank Tanzania Ltd, Senkoro worked for PricewaterhouseCoopers as Senior Associate and Shell Tanzania Limited as Financial Controller. He joined ABL as the Director of Finance and later appointed to head Capital Markets Unit.

Ajay Agarwal 


Mr. Ajay Agarwal is a Fellow Member of the Institute of Company Secretaries of India. He is an expert in corporate and securities law, corporate governance, legal & regulatory compliance. He is a member of the Cll National Committee on Regulatory Affairs since 2018-19 and a member of Task Force on Banking and Finance constituted by ICSI. He was a member of Cll Corporate Governance Council for the year 2020-21 to 2022-23.

Mr. Agarwal was the Company Secretary and key managerial person of erstwhile Housing Development Finance Corporation Limited (Corporation) since March 2015 and was associated with the Corporation for 23 years. He was also the Compliance Officer of the Corporation under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SEBI (Prohibition of Insider Trading) Regulations, 2015 and SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993. Currently, He is the Senior Executive Vice- President — Legal & Secretarial of HDFC Bank Limited.