Standard Chartered is set to launch Islamic banking in Kenya and may expand services in Indonesia.
"We are looking at Africa as the next frontier for the Islamic banking sector," Wasim Saifi, the bank’s global head of Islamic consumer banking was quoted as saying by Reuters.
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The bank would offer the services through its Islamic banking brand, Standard Chartered Saadiq. Kenya’s official Muslim population is nearly 4 million, 10% of the total population.
Saifi added that the new products will be initially launched in Kenya and later in other countries in east Africa and west Africa.
Speaking about Indonesia, Saifi said: "We are looking at numerous countries for extending our Islamic banking footprint. One market that excites us a lot is Indonesia."
Currently, Standard Chartered offers Islamic banking in Indonesia through associate Bank Permata.
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By GlobalData"With the biggest Muslim population in the world, the country has a 5% penetration rate for Islamic finance, which is set to triple or quadruple in the next five to ten years," Saifi added.
