Gulf African Bank awarded the Best Bank in Product Marketing and Islamic Banking in Kenya
Nairobi, 23rd July 2020 – Leading Sharia’h compliant Bank, Gulf African Bank has been awarded the Best Bank in Product Marketing and Islamic Banking at this year’s Think Business Banking Awards.
The bank unveiled East Africa’s 1st Shariah-compliant credit card in line with their commitment to providing new and innovative products that focus on addressing their customer’s special needs complete with several competitive advantages.
The Awwal credit card was developed in compliance with Shari’ah economic guidelines and only attracts a fixed monthly service fee (Ujrah) with rebates being applied at the discretion of the bank.
While dedicating the double win to the bank’s staff and customers, the bank’s Managing Director said, “We dedicate these awards to all our customers and thank them for their continued patronage and our staff members whose vision, dedication, and determination has always kept us in the lead. We have adopted a customer focused digital push to give our customers a more holistic customer experience and financially include more people into the Interest-free mode of banking”.
The bank’s Credit Card is modeled around Shari’ah principles, which allows customers to save up to 30% of charges on conventional credit cards. Cardholders cannot be used for transactions prohibited under the principles of the Islamic Shari’ah such as alcohol, pork-related products, gambling, pornography, or other activities considered illegal. The GAB Awwal credit card has recorded 50% growth in card transaction volume against market growth of 17%.
A fast-growing bank, Gulf African Bank traces their continued recognition as the leading Islamic bank in Kenya to its trademark innovative interest-free financing products and services offered with excellent customer service.
During this period of Covid19, the bank has restructured deals worth more than Sh9 billion to defer them to a later date in order to accommodate their customers. Prior approved and undrawn limits are allowed to be drawn and moratorium offered for businesses affected by the pandemic.
The bank is also offering moratoriums on facilities to ease their customer’s cash flow position to meet overheads. Financing for businesses that need to bridge their working capital needs and also financing clients whose business have seen a trajectory demand of their product during this time is also ongoing.
