Islamic Finance Flourishes in Kenya
The 2009 Kenyan census reported that there were 4.3 million Muslim in Kenya, 11% of the population. This figure is, however, disputed by Muslim leaders in the country who claim the figure is much higher; perhaps even 30% of the total population. Whatever the real figure is, conventional financial institutions and Islamic banks have seen an opportunity, helping to finance businesses catering to the Islamic market, such as restaurants, hotels, food stores and halal slaughter houses, as well as developing Shari’ah compliant wealth management and investment products targeted at some of the wealthy Somali immigrants. Barclays were the first to test the water in 2005 and there are now eight financial institutions offering Shari’ah compliant products in Kenya. Among them are two Islamic banks licensed by the Central Bank of Kenya (CBK) in 2007, First Community Bank and the Gulf African Bank, which opened for business in 2008. Unlike the Islamic windows of conventional banks, these two organisations offer retail banking services through a currently limited, but growing network of branches. By mid 2010 they controlled 0.8% and 1% of banking assets in Kenya according to the Central Bank of Kenya.
Source : newhorizon-islamicbanking.com
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