Financial literacy campaigns a boost to the Islamic finance industry

Jaafar Abdulkadir, Managing Director of Aqeel Consulting Ltd.

The Islamic financial (IF)institutions in Kenya continue to grow in numbers and outreach. The banking sector is relatively well developed considering the three fully-fledged banks offering Shariah-compliant banking services and a number of other conventional banks offering Shariah banking windows.

First Community Bank, Gulf African Bank, and the Dubai Islamic Bank’s subsidiary are the three fully-fledged banks while the conventional banks such as KCB, National Bank of Kenya, Barclays Bank and Standard Chartered Bank offer Shariah-compliant financial services as part of their product offerings.