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Islamic Banking Turns in a Profit in Kenya


Nairobi, Kenya : 10 February

The Chief Executive of Gulf African Bank, Najmool Hassan, has announced profits during the last quarter of 2009 after only eighteen months of operation.

Gulf African Bank, one of two Islamic banks in Kenya, has seen its loan portfolio grow to $64million since its launch branch opened with an initial capital sum of $25million.   It is now contemplating expansion into Uganda, Nigeria and Tanzania.

Islamic banks work in accordance with the general principles of Sharia law which prohibits the payment or earning of interest for either lending or borrowing money.   However, Islamic banks do not limit themselves to just Muslim customers and Gulf African Bank’s mortgage deals have proved popular with non-Muslim buyers.

Mr Hassan expects the bank’s growth to continue, alongside the growth of the Islamic banking market. “We are looking at the tip of the iceberg”.

Kenya’s population is largely Christian with a sizeable Muslim population of approximately 4 million people.

Sarah O’Connell, Gulf Jobs Market News

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
10 February

Gulf Finance House Clinches $300M Refinancing Deal

Gulf Finance House, Bahrain’s Islamic investment bank secured a deal today in London to refinance its $300 million syndicated facility, due today, Wednesday 10th February.
The bank has repaid $200 million, as expected and replaced the old facility with a new $100 million, six month murabaha.
Standard & Poor’s have thrice downgrded GFH’s rating in the last [...]

09 February

Kuwait Plans $7.7bn Oil Industry Investment by April 2011

Speaking in Doha, Qatar earlier on today, Kuwaits’ Secretary General of the Supreme Planning Concil, Adel Al Wuqayan Kuwait revealed plans for the State to invest almost 8 Billion dollars ( KD2.21bn / USD7.7bn) in the oil industry starting from the 1st of April, 2010.
Further spending, based on an elevated oil price (£43) was announced [...]

09 February

Qatari Banks no Longer in Need of More Aid, Reports Government

Like most other countries, Qatar has had to bail out its banking sector. Back in December 2009, the state took a 5% capital stake as a “preventative” measure to shore up its ailing banking sector during the financial crisis. The tactic, which cost the Qatari Government $900 Million seems to have paid off, with Qatars [...]

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