Mwaniki Wahome
29 August 2008
Nairobi — Gulf African Bank has partnered with Qatar Airways to enhance the benefits of Hajj saving account, meant for Muslims going on pilgrimage to Mecca.
Speaking at a Nairobi hotel on Friday during the signing of the agreement, the bank's chief executive officer Najmul Hassan said the initiative is an expansion plan for tailor-made products that suit consumer needs.
"For a bank to differentiate itself in this competitive market, it must relentlessly come up with innovative products as customers are demanding more choice in what is offered." Mr Hassan said.
The new account heightens competition for customers with First Community Bank, the other full-fledged Islamic bank operating in Kenya.
The two banks that were licenced few months apart have been in a frenzy opening branches mainly in Muslim dominated areas.
It is estimated that most of the six million Muslim population was largely unbanked due to their faith, which bars them from operating with profitable conventional banks.
Mr Hassan said the Hajj account holders going on pilgrimage will enjoy added benefits which include high profit on account, pre-travel information, fees waiver on Hajj banker's drafts.
He said the minimum balance was Sh1000 and one can start saving anytime with the intention of going for Hajj later in life.
The profits for account holders will have be paid quarterly and will declare intention to undertake Hajj 45 days before travel date. There is no age limit for the account holders.
The additional benefits for account holders brought by Qatar airways are discounted air fare and complimentary hotel accommodation and tour in Qatar.
"The partnership with Qatar airways will provide our customers with a convenient way to save and travel and accommodation and allow them to focus on pilgrimage." Mr Hassan said.
Mr Hassan said the bank would open eleven branches this year, with a projection of reaching 25 branches by the end of next year.
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