KENYA: KCB Bank is preparing to roll out Shariah compliant investment funds via its SAHL Islamic banking arm, the Business Daily Africa reported. The lender aims to arrange funds for infrastructure projects including housing, roads and rail, leveraging its regional SAHL footprint in Tanzania and Burundi.
Talks are also ongoing in South Sudan, Uganda and the Democratic Republic of Congo to position Nairobi as an Islamic finance hub. The move follows Kenya’s successful debut Sukuk issuance, which raised KES3 billion (US$23.26 million) on a 15-year note to fund affordable housing.
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