Did you know that there are some banks in Kenya that can give interest free loans to individuals? Now you know! Yes am introducing you to Sharia Banking.
These banks offer these special loans to its customers at zero interest rate.
This means the borrower will pay back the bank ( lender) the exactly amount they borrowed. Paying of Interest ( Riba) is prohibited for these loans in these banks. Actually these banks don't offer loans they offer Islamic finance. The only thing that can be shared between the borrower and the bank is the profit earned after making investment with the loan. Both the bank and the borrower share the risk of investment.
However, this list of banks have both those banks that are fully compliance with sharia banking and those which are partial in compliance with Sharia banking.
These banks offer these special loans to its customers at zero interest rate.
This means the borrower will pay back the bank ( lender) the exactly amount they borrowed. Paying of Interest ( Riba) is prohibited for these loans in these banks. Actually these banks don't offer loans they offer Islamic finance. The only thing that can be shared between the borrower and the bank is the profit earned after making investment with the loan. Both the bank and the borrower share the risk of investment.
However, this list of banks have both those banks that are fully compliance with sharia banking and those which are partial in compliance with Sharia banking.
- First Community Bank
- Dubai Islamic Bank kenya
- Gulf African Bank of Kenya
- Bank of India Kenya
- Bank of Baroda Kenya
- Absa bank Kenya
- KCB bank
- SBM Bank Kenya
- Consolidated Bank of Kenya
- National Bank of Kenya ( National Amanah)
Interest individuals can approach the banks and try their luck for the interest free loans.
Good luck!!
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