Barclays introduces Islamic financing

Barclays introduces Islamic financing

Barclays bank of Kenya has unveiled Islamic trade financing enabling the acquisition of short-term financing by traders looking for sharia compliant banking services.

The launch keeps up with the recent trend in the country that has seen the establishment of numerous sharia-compliant products in the financial sector.

Speaking during the launch of the new Barclays bank Islamic division, Barclays Bank Kenya head of commercial banking, Paul Wainaina said the launch was orchestrated by customer feedback.

“Customers wanted to do business with us but we did not have sharia compliant products and we lost a number of customers because of their faith,” Mr Wainaina said.

Barclays Director of Retail and Banking Zahid Mustafa added that the launch was key to customer service delivery.

“In the end it is all about our customer needs. The need can either be a need of a business or personal faith need. We need to make sure on the delivery of customer’s needs,” Mr Mustafa said.

Other than meeting customer needs, the new Islamic division will enable Barclays to diversify its sources of revenue through the attraction of different customer bases.

Momentum has been gathering in Islamic banking and finance lately enabling the country to fast become an Islamic finance hub for the East African region.

On a global scale, Islamic compliant banking has been on the rise, with the growth increasing by an average of 15 percent per year according to the Malaysian based Islamic Financial Services board.

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