Monday, Nov 24th 2014

National Bank sets up an Islamic banking window

Thursday, May 2, 2013 - 00:00 -- BY STAR CORRESPONDENT

National Bank of Kenya has launched a new Islamic banking window with plans to launch a fully-fledged subsidiary in future. The window, called ‘National Amanah’ is targeted at retail, SME and corporate clients offering banking products and services in compliance with Islamic Shariah.

NBK Managing Director Munir Ahmed said the launch of ‘National Amanah’ was in line with the bank’s continued focus on re-aligning its business in an increasingly competitive environment.

 He further said that the bank has embarked on an aggressive expansion plan targeting strong presence in every county. “We are targeting to open 10 new branches by the end of this year while radically improving sales in the retail, SME and corporate segments and enhancing customer services,” explained Munir.

CBK Governor Prof Njuguna Ndung'u, who was the chief guest at the launch ceremony, hailed the move by NBK to expand its Islamic banking portfolio adding that the government was keen on fostering the development of Shariah-compliant banking products and services.