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Kenya bank to offer Islamic banking

img_0168Kenya Commercial Bank has received the necessary approval to roll out Islamic banking services across the country. It allows the bank an opportunity to extend the Sharia complaint financial services to East Africa’s largest commercial hub. It already offers Islamic banking services in Tanzania. KCB named its Islamic banking service ‘KCB Sahal Banking’. CEO of the bank Joshua Oigara said in a statement the introduction in Kenya will promote development in the marginalized areas of the country. Kenya has two full-fledged Islamic banks in Kenya – Gulf African Bank and First Community Bank (FCB). The bank will join commercial lender, Standard Chartered as the latest offerers of the service in Kenya. According to the latest census statistics, an estimated 15% of Kenya’s population comprises Muslims. KCB will launch the pilot phase across seven branches starting August, clustered within the Northern and Coast counties in Kenya, where large settlements of Muslim communities are present.

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