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KCB launches Sahl Banking

10 April 2015, 14:40 Mike Munga

Nairobi - Kenya Commercial Bank (KCB) has launched its Islamic Banking unit in order to tap into the growing demand for Islamic financial products.

The launch paves way for the full roll-out of Shariah compliant products that prohibit the giving or receiving of interest and ensures that money is invested ethically in accordance with the Islamic faith.

Speaking during the launch at a Nairobi hotel, KCB group chairman Mr. Ngeny Biwott said the launch is part of the Bank's long term vision to diversify its product offering while riding on technology to reach great masses.

"This chapter is a milestone for our financial services sector to be accessed by everyone in the region," he said, adding that in three years time the product will facilitate development in the marginalized areas.

The Bank CEO, Joshua Oigara said the Bank is on a journey of partnerships in order to create the Islamic banking space in the country.

He added that if for prosperity to be realised, issues affecting customers must be addressed.

"As a bank, we are continuously looking for ways in which we can offer the best services to our customers. This is the reason we are constantly innovating our products so that they meet their financial needs," he said.

Islamic banking products will be available in KCB Eastleigh, Kimathi Street and Hurlingham branches in Nairobi.

The services will also be available at Town Centre and Mwembe Tayari in Mombasa, Garissa and Wajir in North Eastern and Lamu.

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