Globally, Islamic finance investments stand at USD 1.6 Trillion and are expected to increase to USD 2.5 Trillion in 2015. KCB has moved to tap into this market by formally launching their Islamic Banking Unit; referred to as the KCB Sahl Banking.
KCB Sahl banking, a product that is Shariah compliant, is also available in Tanzania through KCB Bank Tanzania. The bank is also making effort to introduce Islamic banking throughout the rest of East Africa.
Islamic banking prohibits the giving or receiving of interests and ensures that money is invested accordingly in compliance with the Islamic faith. Islamic banking currently takes up 2% of the national market share and is steadily rising.
The KCB Sahl Banking will be available in six of KCBâ€™s branches before a national roll out. These branches are: KCB Kimathi Street, Hurlingham in Nairobi, Mwembe Tayari and Town Centre in Mombasa; Garissa and Wajir in North Eastern and Lamu branches. The branches will serve as operating models.
Islamic banking targets both people of Islamic faith and those that do not practice it