Kenya: Islamic Bank Seeks Market Dominance
The Nation (Nairobi)
22 August 2008
Posted to the web 22 August 2008
Amina Kibirige
Nairobi
A second Islamic bank has opened a branch in Mombasa in as many months setting the stage for fierce competition between the institutions which carry out business according to the Shariah law and the mainstream conventional bankers.
Gulf African Bank opened its branch today along Nkurumah Road following in the footsteps of First Community Bank whose offices are along Digo Road.
Speaking during the launch, Gulf African Bank chairman Suleiman Shahbal promised the Muslim community that the institution will stick to the Islamic Shariah principles in its transactions.
“We are coming to the market faced with a huge challenge ahead of us and accountability before God but we are committed and if we do not keep out promise in five years time, then we would have failed,” he said.
Mr Shahbal promised that the bank was not out to do business in the name of religion “but live up to its principles”.
Speaking during the same ceremony, the bank’s Shariah Board Chairman Professor Mohammed Badamana urged employees to take customers’ complaints seriously as they settle on the new market” in order to build credibility and ward off competition”.
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