Gulf African Bank

Summary

Gulf African Bank is a commercial bank in Kenya operating under an Islamic banking regime, licensed by the Central Bank of Kenya. ¹ In December 2014 it was a mid-sized bank, 25th by assets among Kenya's 43 licensed banks. ¹

Origins

Talks to create it began in 2005 among individuals and institutions from the Gulf and Kenya; it opened in 2008 after receiving a commercial licence and authorisation for Sharia banking from the central bank, the second commercial bank in Kenya so authorised after First Community Bank, which opened in 2007. ¹

Ownership and branches

It is held by institutional and individual investors from the Gulf, Kenya and the United States; in September 2012 the International Finance Corporation took a 16% stake for US$5 million. ¹ In August 2014 it had branches in Nairobi, Mombasa, Lamu, Malindi and Garissa. ¹

References

English Wikipedia, "Gulf African Bank", revision 1359454088. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

At a glance

In the Modern Islam Browser

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Summary

Origins

Ownership and branches

References

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Islamic banks and conventional banks — the difference, the doubts and the performance