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KCB’s Sharia service opens income stream
KCB has received Treasury’s approval to offer Islamic banking services, opening a new revenue stream for the lender.
The bank, which is Kenya’s largest lender by assets, has been given exemptions from the law to facilitate its launch of Sharia-compliant products.
The bank is expected to release its annual financial results for 2014 Wednesday morning.
“This is a big milestone for us as we seek to use the Islamic banking proposition to deepen the bank’s financial inclusion agenda that progressively looks at incorporating products and services to reach out to the unbanked population,” said KCB group head of Islamic Banking, Jaafar Sheikh Abdulkadir.
The lender is targeting both Muslim and non-Muslim customers to take up Sharia compliant products.
The Islamic banking products are also available to its Tanzania customers.
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