Kenya Commercial Bank enters Islamic banking

Kenya Commercial Bank (KCB) is set to roll out Islamic banking services in Kenya from next month as it intensifies its product development.
KCB Group Chief Executive Officer, Mr Joshua Oigara said the bank has received the necessary approvals to enable launch Islamic banking products in its 182 branches in Kenya.

“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 Oigara while addressing the Muslim Community who he hosted him for an Iftar dinner in a Nairobi hotel.

The product dubbed ‘KCB Sahal Banking’ is a Sharia-compliant bank account designed to address the sensitivities of Muslim customers who adhere to their faith, which forbids earning or payment of interest. KCB Tanzania, is already offering Islamic banking services.

“In the long term, the product will bring new levels of efficiency by widening the variety of banking products and service offerings as well as promote development in the marginalised areas of our country,” said Oigara.

Jaffer Abdulkadir, KCB’s head of Islamic banking said the bank will continue to work with the team of Shariah scholars and religious leaders to ensure ongoing compliance of KCB Sahal Banking.