The list of banks hoping to cash in on the emerging market for Islamic banking in Kenya further grew yesterday, as Standard Chartered launched its own Islamic banking services in Kenya, William Wesnofske reports.
The bank predicts the share of Islamic banking in the local industry to rise to 15%, from the current 2%, within the next 10 to 15 years. Islamic finance, which follows spiritual principles such as bans on interest payments, makes up about 2% of banking business in Kenya. On the other hand, Standard Chartered hopes to attract a broader client base. Wasim Saifi, the bank’s global head of Islamic consumer banking, said: "We are not looking to target market share from the 1.5 to 2% share that Islamic banking has today, but to target the 98% that currently is not with Islamic banking."
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As reported by PBI, Standard Chartered was set to launch Islamic banking in Kenya and Indonesia since early July 2013, believing that the markets were on the upswing. Currently, Standard Chartered offers services in Indonesia through associate Bank Permata.
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