To aid financial inclusion, Kenya Commercial Bank (KCB) says it 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’.
KCB CEO, Joshua Oigara in a statement said 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).[eap_ad_2]
The lender will join commercial lender, Standard Chartered as the latest offerers of the service in Kenya. Earlier this year, the British lender launched its “Saadiq” branded Islamic service to serve about 6 million people in the country.
According to the latest census statistics, an estimated 15 percent of Kenya’s population are Muslims. This offers a considerable large market for lenders venturing into this area of banking.
KCB will launch the pilot phase across seven branches starting August, clustered within the Northern and Coast counties in Kenya. These areas hosts large settlements of Muslim communities. (Ventures Africa)[eap_ad_3]
