On 31 May 2007, Kenya licensed its first ever Islamic bank, which is operating entirely according to Islamic Shari’ah principles. This marks a milestone in the East African region, where conventional banks have been slowly working towards adapting the concept of Islamic banking, which prohibits the lending of money at interest.
This article was originally published in Islam in Africa Newsletter,
Volume 2 (2007), Number 3 (July 2007). Islam in Africa Newsletter is a publication of PRISM (www.e-prism.org).
© 2007 PRISM – Dr. Moshe Terdman. Republished with permission. Religioscope thanks Reuven Paz / PRISM for permission to republish.