| IFC, a member of the World Bank Group, today announced the investment of $5 million equity in Gulf African Bank to support corporate finance and lending to small and medium businesses in East Africa. The investment in Gulf African Bank marks IFC’s first engagement with an Islamic finance institution in Sub-Saharan Africa.
Gulf African Bank, one of Kenya’s only two Islamic banks, has fourteen branches in Kenya, offering a range of Sharia-compliant banking products and services. The bank will use IFC’s financing to increase finance for retail and corporate customers, develop programs for women entrepreneurs and extend more services to small and medium businesses...............................................Full Article: Source
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