Barclays Bank on Tuesday became the first bank to launch Islamic banking products to meet the discerning needs of its thousands of customers in Kenya.

The bank launched La Riba Current Account, designed to address the sensitivities of customers who adhere to the Muslim faith which forbids the earning or payment of interest, the Bank's Managing Director Adan Muhammed said.

Speaking during the launch in Nairobi, Muhammed said the new product is ethical and equitable mode of banking that derives its principles from the Shariah (Islamic Law).

"This product will not be exclusive to Muslims. We encourage non-Muslims to use it too. Just as we accept deposits from people without regard to their faith, Islamic Banking will be extended to all customers, unless there is a very strong reason to suspect that the funds will be used for non Shariah compliant activities," Mohammed said.

Kenya has about eight million Muslims. Such banking products have already taken off in Britain, Canada, United States, Saudi Arabia, Sudan, South Africa, Malaysia, Bangladesh, Indonesia, Singapore, Egypt, Pakistan among many other countries.

"The new product we are launching today will be consistent with the Islamic faith. We will set up a separate basket which we will put these funds to accumulate to allow Muslims to borrow," said Mohammed.

Source: Xinhua