Islamic Banking In Kenya; List of Fully Compliant Banks

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Islamic banking in Kenya

Today Muslims can benefit from Islamic Banking in Kenya. According to research, Islamic banking has over $2 million in assets globally and growing at a rate of 10% per year.

There is also a thriving Islamic capital market with issuances of Shariah-compliant asset-based securities (Sukuk) reaching to $98 billion in 2017.

Does Islamic banking in Kenya have something for non- Muslims? The answer to this is yes, they attract clients that are also non- Muslims too.

However, in Kenya, non-Muslims seem not to be kin to take advantage of these services. That said, they too can benefit.

Banks in Kenya that Offer Islamic Banking

Kenya is home to hundreds of banks, but which of these offer Islamic banking? I took a dive into this and found out this. Here is a list of banks in Kenya that offer these services.

DIB Bank Kenya

DIB Bank Kenya otherwise called Dubai Islamic Bank Kenya fully Sharia compliant bank in Kenya and was licensed in 2017 making it the third such bank.

With origins in Dubai, Dubai came to Kenya seeking to expand to the larger Sub-Saharan Africa. DIB is a fully owned subsidiary of Dubai Islamic Bank PJSC (DIB PJSC) of the United Arab Emirates (UAE). DIB PJSC founded in 1975 is the first bank to have incorporated the principles of Islam in all its practices and is the largest Islamic Bank in the UAE.

First Community bank

First Community bank was the second bank in Kenya to be licensed by the Central Bank of Kenya (CBK) IN 2008 offer services to the Islamic community. It is a fully Shariah compliant bank.

It offers the following services

  • Current Accounts.
  • Savings and Fixed Maturity Account.
  • Financing Services.
  • Other Services such as the Khadamat.

Gulf African bank

Gulf African Bank is a fully Shariah compliant bank that begun operations in Kenya in 2007. The bank has several branches dotted across the Nairobi CBD. Some of the branches are

  • Kilimanjaro Avenue Branch
  • Kenyatta Avenue
  • Kipande Athumani
  • Third Parklands Avenue
  • Koinange Street
  • Luthuli Avenue
  • Enterprise Road
  • Kusco Centre
  • Eastleigh Branch on Eastleigh First Avenue.

Conclusion

Banks such as Kenya Commercial Bank (KCB) offer some shariah compliant services though they are not fully compliant. Barclays Bank of Kenya among other banks offer these same services.

We will keep you updated on more banks that are Shariah compliant.

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