Islamic banking is based on the concept of sharing both profit and risk and avoiding the charging of interest in financial and commercial transactions. The provider of funds is not automatically entitled to payment in full of principle and periodic distribution of profits. That risk is shared by both the finance provider and the customer.

Sector trends

The Islamic banking industry is becoming increasingly mainstream as banks all over the world respond to the opportunities presented by this rapidly growing new customer segment with a range of Sharia-compliant products. Assets of financial institutions offering Islamic products and services have soared by almost 25% a year over the past decade to about 300 billion USD today. Recognizing the growing importance of Islamic banking and the growing demand for financial services that meet ethical standards, an increasing number of major international banks have opened Islamic banking “windows” tailored to the needs of Islamic investors from a global Muslim population of over 1 billion, including 11 million Muslims in Europe and 6 million the USA. A sizable proportion of Islamic banking customers are non-Muslims who value the ethical financial principles of Sharia-compliant banking.

Key features

East Africa Bank feels a keen sense of responsibility to contribute to the communities that we serve.

The bank is firmly opposed to any discrimination on the basis on ethnicity, religion, race or culture. East Africa Bank will continue to uphold universal values of solidarity, inclusiveness and protection of the environment.