Gulf African Bank reveals expansion plans

May 05, 2010

Gulf African Bank has revealed plans to enter the Tanzanian and Ugandan markets by the end of 2010.

The announcement was made by Chairman of the bank Suleiman Shahbal at the second Gulf African Bank Annual East and Central Africa Islamic Conference in Nairobi. He explained the popularity of the Islamic bank's services and the growth of the company in Kenya had prompted the decision to expand.

"Countries in the region are leaning towards east African community integration and we want to be part of that expansion," quoted him as saying. Mr Shabal added the bank's original strategy had been to move into east Africa after launching in Kenya, but this was delayed due to the onset of the financial crisis.

Gulf African Bank, which was established after a group of Kenyans decided to set up an Islamic bank to provide an alternative to conventional options in the country, is the African nation's first Shari'ah-compliant financial institution.