Islamic banking takes Kenya by storm

The impact of Islamic banking is slowly being felt in the country’s financial system. It is sweeping banks it its wake, with Gulf African Bank, a fully fledged Islamic finance institution, breaking even exactly two years after launching. It took First Community Bank, the only other Shari’ah compliant bank in Kenya, three years to break even.

Gulf African Bank Chief Executive Najmul Hassan says firm’s results show that Islamic banking is a profitable venture.