KCB to offer Islamic financial services from August
The Kenya Commercial Bank (KCB) is planning to offer Islamic financial services from August 2014 after securing regulatory approvals from the country's financial authorities.The Kenya Commercial Bank (KCB) is planning to offer Islamic financial services from August 2014 after securing regulatory approvals from the country's financial authorities.
"Islamic banking proposition is part of our financial inclusion agenda that progressively looks at incorporating products and services to reach out to the unbanked population," said KCB Group Chief Executive, Joshua Oigara, quoted by The Star.
The KCB Islamic based banking service is called Sahal and will be first rolled out in branches in areas with a heavy Muslim presence in Nairobi.
This announcement comes after Standard Chartered Bank (SCB) started offering
Islamic finance products
the brand name Saadiq in March this year.
"Standard Chartered Bank sees great potential for Islamic banking in Kenya, where the penetration rate is only two per cent", SCB's Global Head of Islamic banking, Wasim Saif told Capital FM.
He believes that Islamic banking could reach a double-digit growth
within the next five years, given that ten percent of the country's population is Muslim.