09.04.2013 - Kenya: Islamic banks break even and post growth in profit
Islamic banks posted growth in their profits last year as the faith-based banking concept becomes entrenched in Kenya’s financial sector. There are two fully-fledged Islamic banks — Gulf African Bank and First Community Bank — which were established in 2007 after the Banking Act was amended to bring the unbanked population into the fold. The pair was able to break even in a fairly short time — Gulf African in two years and First Community in three years. Last year, Gulf African registered 154 per cent after-tax profit growth to Sh242 million for the year ended December 31 compared to Sh95 million registered in similar period in 2011...............................................Full Article: Source
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