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Islamic Finance Briefing - Categorized | Banking, Performance more

Kenya’s Islamic Gulf African Bank says profitable

Posted on 15 February 2010

From Cibafi.org: Gulf African Bank, one of Kenya’s two Islamic banks, turned profitable in the last quarter of 2009 after only about a year and a half of operations, its chief executive told Reuters
Najmul Hassan said the bank’s loan portfolio has grown to about Sh5 billion while deposits are at Sh6.4 billion since its launch in 2008.
“It is demonstrating that this is a viable business venture,” he said late 8th, February, 2010. “We have grown, so obviously we are taking share from some other banks or we are creating a new market. Both of these things are good.”………………………………..Full Article: Source

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