April 2007 will see Bank Muscat and Istithmar, along with a consortium of investors, opening an Islamic bank in Kenya. Bank Muscat will own 20% of the Gulf African Bank, while Istithmar will hold 30% and 10% will be held by the International Finance Corporation.
Gulf African will have a US$25 million start-up capital, and might expand to other African countries keen on Islamic banking. Chairman of Bank Muscat, Abdul-Malik Al Khalili, affirmed: “Africa is an attractive emerging market for the growth of Islamic finance. There is a lot of liquidity in the Gulf and we are making a bridge between the two.”
Of Kenya’s population, approximately 26% are Muslim. |
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