Absa Bank Kenya is at the forefront of the growing Islamic banking sector in Kenya, offering Sharia-compliant financial products. Head of Islamic Banking, Tego Wolasa, explains that Islamic banking prohibits interest (riba), promoting profit through real economic activities and risk-sharing, thereby aligning with ethical investment principles and fulfilling a crucial role in financial inclusion for Kenya's approximately 6.5 million Muslims.

• Islamic banking in Kenya holds 2% of the total market share but exhibits a substantial average annual growth of 19.7%.
• Absa Bank Kenya was the first to introduce Sharia-compliant products in Kenya, beginning 20 years ago.
• A significant challenge is the lack of a comprehensive Sharia-compliant legal framework, with a white paper drafted in 2018 still awaiting parliamentary review.