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Islamic Banking Turns in a Profit in Kenya

Nairobi, Kenya : 10 February 2010

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
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