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Why top exchange stocks are unfit for Sharia investment
Gulf African Bank on Kenyatta Avenue in Nairobi. Kenya has two fully Shariah-compliant banks namely First Community and Gulf Bank. The two control one per cent of the banking sector. FILE PHOTO | NATION MEDIA GROUP
The majority of companies at the Nairobi Securities Exchange do not comply with Islamic law, limiting their attractiveness to Sharia-minded investors.
Nabo Capital, a fund manager, said only 16 of the 63 listed companies were Sharia-compliant, restricting Muslims’ investment options.
