Islamic banks ‘doing well’: Daily Nation

By NATION Correspondent Posted Wednesday, April 29 2009 at 18:38

The Central Bank of Kenya on Wednesday said Islamic banking had managed to bring more of the unbanked population into banking halls. Speaking at the first East African Islamic banking conference at a Nairobi hotel, Ms Rose Detho, who is in charge of bank supervision at the CBK said the concept had largely succeeded.

The first two fully-fledged Islamic banks, Gulf African Bank and First Community Bank were licensed mid last year. Five other conventional banks have introduced Islamic banking products. “The Central Bank is impressed that the Islamic banks that have operated for hardly a year have made milestones,” she said.

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