Published: July 4, 2013
New business to act as Africa springboard.
Standard Chartered is to set up an Islamic finance business in Kenya, its global head of Islamic consumer banking told reporters yesterday while attending a conference in Nairobi. The Kenyan market, which is relatively well developed by regional standards, will act as a springboard for expansion into Africa.
Islamic finance accounts for around 2% of the domestic banking market. There are two Islamic banks in Kenya, Gulf African Bank and First Community Bank, both of which were licensed to operate in 2008. Some 10% of Kenya’s population is Muslim, equating to around 4mn people.