Kenya’s Gross Domestic Product (GDP) grew by 5.6 per cent in 2015 compared to 5.3 per cent growth in 2014, Kenya National Bureau of Statistics has said. This expansion was driven by significant growth in some key sectors among them agriculture; construction; real estate; and financial and insurance;
United Arab Emirates’ largest Islamic bank, Dubai Islamic Bank, should start its activities in Kenya by the end of 2016, Kenyan media revealed citing sources close to the process. The bank should thus become the third financial institution to provide banking services that are compatible with Islamic regulation in Kenya where 10% over a population of 44 million are Muslims according to official data.
Global Rating agency Standard & Poor’s Ratings on April 15, 2016, affirmed its ‘B+’ long-term and ‘B’ short-term foreign and local currency sovereign credit ratings on Kenya, with a negative outlook.
Troubles among Kenya's small and medium-sized banks could erode confidence in the country's highly fragmented banking sector, one of the oldest and most developed in sub-Saharan Africa, and dissuade foreign investment, says Fitch Ratings.
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