5 April 2008

Kenya: Gulf African Bank Widens Network

Nairobi — A Sharia'h compliant bank, Gulf African, has opened a new branch in Nairobi's Central Business District.

Acting chief executive, Mr Salim Abdalla said the move is part of the bank's strategy to enhance its network.

"It is in line with Gulf African Bank's plan to meet the growing demand for sharia'h compliant banking services in Kenya," he said.

Abdalla was speaking during the opening of a new branch at Hughes Building yesterday. The opening raises the bank's branch network to three since it began operations in January, this year.

"We believe the new branch will bolster our presence and make our services more accessible to many Kenyans, who are yearning for alternative banking solutions that sharia'h banking offers," he said.

He said opening of the new city branch builds on the successful launch of the bank's branches in Upper Hill and Eastleigh, in Nairobi.

Abdalla said the branch would offer services designed for customer segments including children, students, individuals, retail, corporate and institutions.

He said the bank's plan is to have a marked presence in strategic areas in the country to attract the hitherto unbanked populations.

He said the expansion reflects growing demand for alternative financial solutions.

"Our branches that are already operational have recorded a marked growth and the responses to our products and services have been very encouraging," he said.

He said the market has the potential to accommodate more players.

The Government allowed sharia'h compliant products into the banking industry in 2006.

Copyright © 2008 The East African Standard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.