Islamic banks have grown to account for nearly 1 per cent of gross assets in the Kenyan banking sector since they first opened their doors early last year, the central bank said Thursday.
The Islamic finance industry is seeking to grow outside its main centres in the Gulf Arab region and South East Asia to tap into Muslim minorities in Western and African countries.
Its banks cater for customers who want to follow Islamic rules on avoiding direct payment or earning of interest, which are viewed as usury under Islamic law.
Central Bank Governor Njuguna Ndung'u told Reuters the two Islamic banks operating in Kenya - Gulf African and First Community - had a loan portfolio of 4.9 billion shillings (Dh236.17 million), deposits totalling 7.5 billion shillings and 27,270 deposit accounts.

Najmul Hassan, the chief executive of Gulf African Bank, said it had opened 12 branches in east Africa's biggest economy and had participated in a 1 billion shilling sukuk issue (sharia-compliant bond) from the government