In Africa, Islamic banking is a fast growing financial sector attracting all customers even of different religious orientation. The uptake of Islamic banking is projected to grow exponentially in sub-Saharan Africa. Kenya is among other African countries, that are taking up the lead in Sharia compliant banking services. Today, Sharia compliant banking services in Kenya have made huge strides since its introduction in 2007.
The banking sector boasts of two exclusively Sharia compliant banks. As at the financial year ended December 31, 2010 the two banks collectively commanded a market share of 0.9% of the banking sector with gross assets of Ksh.16.54bn, net loans and advances of Ksh.9.23bn and deposits of Ksh.13.76bn.