IslamicFinance.de

Dubai Islamic Bank (DIB) has signalled intention to enter the budding East African Islamic market. DIB chairman, Mohammed Ibrahim Al Shaibani, said that the lender would expand and consolidate its reach in East Africa after solidifying its Kenya base. The Central Bank of Kenya (CBK) in May opened the door for Dubai Islamic Bank to enter the local market after more than a year of waiting. DIB intends to exclusively offer Shariah-compliant banking services in the country. Kenya has recently unveiled a package of initiatives aimed at developing a policy framework for Islamic finance in the country. Authorities intend to make Kenya a hub for Islamic finance in Africa with ongoing reforms expected to drive the growth of Islamic-finance operations.