KCB Launches Islamic Finance Payments Solution with Mastercard
KCB Bank has partnered with Mastercard to introduce a new Islamic finance payments solution designed for customers who prefer banking services that follow Shariah principles. The new offering is part of KCB’s Sahl Banking services and aims to provide secure, convenient, and values-based financial solutions.
The bank has launched the Sahl Card, which allows customers to make everyday purchases and payments while ensuring their banking activities remain in line with Islamic finance principles. The card is designed for people who want financial products that match their religious beliefs and personal values.
Alongside the card, KCB has also introduced the Sahl Agency Banking network. Through this service, customers can deposit money, withdraw cash, pay bills, and access other essential banking services at authorized agents, making banking easier and more accessible.
According to Mark Mwongela, KCB Group Director of Strategy and Innovation, the bank is committed to developing products that meet the diverse needs of its customers. He said the Sahl Card is an important step in expanding access to Shariah-compliant banking by offering customers a secure and convenient payment option that supports their daily financial needs.
The Islamic finance payment solution also comes with several lifestyle and travel benefits. Customers who qualify for Mastercard Gold and World Elite cards can enjoy special offers on accommodation, dining, shopping, and leisure activities through Mastercard’s global network.
Shehryar Ali, Senior Vice President and Country Manager for East Africa and the Indian Ocean Islands at Mastercard, said the partnership with KCB helps promote financial inclusion by giving customers a payment solution that reflects their values and lifestyle. He added that combining Mastercard’s global network with KCB’s local expertise allows more people in the Islamic banking community to access valuable financial services and exclusive experiences.
Eligible cardholders will also receive access to the Mastercard Collection, which offers premium dining, travel, and lifestyle experiences in participating locations around the world. Other features of the Sahl Card include spending controls, instant transaction alerts, concierge services, and an Islamic-themed card design that reflects the preferences of its target users.
The launch of this Islamic finance payment solution demonstrates KCB’s commitment to providing inclusive banking services that meet the growing demand for Shariah-compliant financial products in Kenya and across the region.