Corporate News
A KCB banking hall. The lender plans to offer Islamic banking products through its entire branch network. PHOTO | FILE
By DOREEN WAINAINAH, dwainainah@ke.nationmedia.com
In Summary
- The lender is targeting both Muslim and non-Muslim customers to take up Sharia compliant products.
KCB has received Treasury’s approval to offer Islamic banking services, opening a new revenue stream for the lender.
The bank, which is Kenya’s largest lender by assets, has
been given exemptions from the law to facilitate its launch of
Sharia-compliant products.
The bank is expected to release its annual financial results for 2014 Wednesday morning.
“This is a big milestone for us as we seek to use
the Islamic banking proposition to deepen the bank’s financial inclusion
agenda that progressively looks at incorporating products and services
to reach out to the unbanked population,” said KCB group head of Islamic
Banking, Jaafar Sheikh Abdulkadir.
The lender is targeting both Muslim and non-Muslim customers to take up Sharia compliant products.
The Islamic banking products are also available to its Tanzania customers.
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