Peter Makau of DIB Bank Kenya is set to hold the second session of my chat with a bank CEO online event. This is the second of three online chat events being hosted by the Kenya Bankers Association in March 2022. The session will cover Islamic Finance Business Expansion Opportunities.
How to Register for the CEO Chat
The chat room will open on 18th March 2022 9:30 A.M East African time while the session with the CEO starting promptly at 10:00am. Users will have the ability to post comments and questions to the CEO on a first come first served basis.
Interested participants are called to register on the KBA website here. Insert your name and email address. Type a desired password and you should receive an email from KBA confirming your registration
Islamic Finance Business Expansion Opportunities.
Islamic finance was introduced in Kenya more than a decade ago following the introduction of Sharia-Compliant banking in the country. Since its inception the banking model has grown rapidly, making Kenya a leading regional market for Islamic banking. Various banks have entered the market, leveraging on investment opportunities presented by the financing option.
In recent years, Kenya has been ranked among 18 African countries that have the largest potential for growth of Islamic banking and debt securities(sukuk). Kenya is the only East African country that made it to top of the list, which included Egypt, Morocco, Senegal, Nigeria, and Sudan.
Since its debut in 2006, the demand for Shariah-Compliant products has grown so rapidly that banks providing the services have at times had challenges accommodating the huge pool of customers that comprises both Muslim and non-Muslim customers.
Currently, there are three fully fledged Islamic banks in Kenya. To keep pace with demand, some banks have set up an Islamic banking desk, a specialised operational entity.