By KBC Reporter
National Bank of Kenya has been awarded the Best Innovative Product in the Islamic Microfinance by the Centre of Islamic Banking and Economics, which promotes Islamic banking and finance all over the globe.
The award recognizes the bank’s Amanah Jenga Biashara product that aims to grow small and medium entrepreneurs under vigilance Shari’ah compliance.
Commenting on the win, National Bank’s Ag. Director, Islamic Banking Adan Hassan said: “This award is a showcase of the high quality and innovative Shari’ah compliant products and services offered at National Bank. We are delighted to see the status of the Bank and its reputation is enhanced not only in the region but across the Islamic countries in all continents of the world”.
The award ceremony was held on November 9th 2016 during the 6th Global Islamic Microfinance Forum where over 35 countries were represented to discuss the policies and Shar’iah standards related to Islamic Microfinance.
National Bank introduced its Islamic Banking unit in 2007 as part of its transformational strategy that would see it introduce and implement a robust Sales Model and Product innovation with tailored Customer Value Propositions (CVPs) for different customer segments. Last year, the bank opened 25,000 accounts in its Islamic banking window, National Amanah, almost 19,000 of which are held by non-Muslims.
Established in 2005, the Center of Islamic Banking and Islamic Economics (CIBE) has been providing state-of-the-art and science services of Islamic banking and finance worldwide.
The centre provides Islamic financial institution with Advisory Consultancy and Educational services through various well recognized modes viz. Islamic Financial Product Development, Shari’ah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc.
Islamic Micro finance awards are a signature initiative of AlHuda Center of Islamic Banking and Islamic Economics (CIBE) aimed to recognize the industry leaders and to promote the concept of poverty alleviation.
These are conducted to highlight the best practices in Islamic Microfinance and celebrate the success of institutions and individuals, with an ultimate objective of promoting social responsibility, Sharia authenticity and commitment to Islamic Microfinance.