In recent years, Kenya has positioned itself as East Africa’s biggest hub for Islamic finance products and services.
The government sees Islamic financing as part of an effort to stimulate economic growth, and to help set the sector up as a source of development funding.
Islamic finance is a about profit-sharing, and prohibits the collection and payment of interest, or riba.
The two-trillion dollar global Islamic finance industry has grown as a mechanism for financing development, including in non-Muslim countries.
Here are Kenya’s leading financial companies, in no particular order:
Gulf African Bank (GAB)
Gulf African Bank was the first shari’ah-compliant financial institution in Kenya, having being licensed by the Central Bank of Kenya in 2007.
The bank began its operations in 2008.
The bank was incorporated in 2006 and started operations as a commercial bank in January 2008.
First Community Bank (FCB)
FCB was established in 2007 according to sharia’h law by private Muslim investors in Kuwait, Kenya and Tanzania.
The bank received a Kenyan commercial banking license the same year, and started operations in June 2008.
Dubai Islamic Bank (DIB)
DIB Bank Kenya is a fully owned subsidiary of Dubai Islamic Bank PJSC (AE).
The bank began with an initial network of three branches; Goodman Branch in Westlands Nairobi, Upper Hill branch in Nairobi and Kilindini Branch in Mombasa.
The Upper Hill Branch at the junction of Bunyala and Lower Hill Road in Nairobi serves as its headquarters.
Takaful Insurance of Africa (TIA)
Takaful Insurance of Africa is a shariah-compliant insurance company in Kenya.
The company was incorporated in 2008. It currently offers a wide range of products in the general insurance segment.
It is the first fully fledged Takaful operator in the east and central Africa region.
The rationale behind TIA is founded on the need to provide risk management and financial security, based on ethical principles and values.
Taqwa provides shari’ah-compliant financial services and solutions to meet the diverse needs of its members.
Registered in 1998, Taqwa is the first shari’ah-compliant financial institution, its members largely consists of middle income members drawn from various parastatals and government ministries.
Taqwa Sacco not only meets the financial needs of Muslims but equally appeal to a significant section of members of other religions who may be attracted to our kind of savings & credit services.