Shariah compliant banking expanding

THE growing Shariah compliant banking concept on Monday received another boost with medium tier Chase Bank joining the fray with a new dedicated branch in Mombasa. Islamic banking has since 2007 attracted two fully fledged, privately owned lenders—First Community and Gulf African—with several conventional banks operating windows. The two purely Shariah compliant banks controlled 1.02 per cent of the 43-company industry assets, 1.15 per cent of deposits and 1.14 per cent of loans by end of last December, according to data from the Central Bank. The CBK said in an emailed response to the Star...