This came in the inbox, so I thought I would pass it on. If you have used this service or know of other Kiswahili language programs, you can leave a comment below. The mobile dictionary app looks like a good investment if you are into digital learning.
Swahili Tutors
Reuters-Kenya's Islamic Gulf African Bank says profitable
By Helen Nyambura-Mwaura
NAIROBI, Feb 9 (Reuters) - Gulf African Bank, one of Kenya's two Islamic banks, turned profitable in the last quarter of 2009 after only about a year and a half of operations, its chief executive told Reuters.
Najmul Hassan said the bank's loan portfolio has grown to about 5 billion shillings ($64.81 million) while deposits are at 6.4 billion shillings since its launch in 2008.
"It is demonstrating that this is a viable business venture," he said late on Monday. "We have grown, so obviously we are taking share from some other banks or we are creating a new market. Both of these things are good."
The bank, in which Gulf Arab investors such as Istithmar, the investment arm of the United Arab Emirates' Dubai World conglomerate, and Bahrain-based Bank Muscat International own stakes, opened its first branch in January 2008 with $25 million capital.
However, post-election violence that wracked much of Kenya for the first quarter of 2008 prevented Gulf African from expanding significantly. Operations launched in June that year.
It now has 12 branches in five towns and is considering expansion into Nigeria, Tanzania and Uganda, Hassan said, adding that the bank's main challenge had been the lack of knowledge of what Islamic banking is all about.
The Islamic finance industry wants to grow outside its main centres in the Gulf Arab region and South East Asia to tap into Muslim minorities in Western and African countries.
SHARIA COMPLIANT
Its banks cater mainly to customers who want to follow Islamic rules on avoiding direct payment or earning interest, which are viewed as usury under Islamic law.
"A lot of people think that this kind of banking is for a niche market, for Muslims, but it isn't that actually," he said.
"The key challenge is spreading the knowledge of sharia-compliant banking in the market. People are sceptical, not just non-Muslims, even Muslims are sceptical. In fact, many times they are more sceptical than the Christians."
Gulf African's mortgage product has been most popular with non-Muslims, Hassan said. The bank invested 500 million shillings in the sukuk portion of a government infrastructure bond issue last year and received a 13.5 percent rate of return.
Hassan said it was a good time for the Kenyan government to issue a sovereign sukuk as there was huge appetite in the Middle Eastern market, which he said was more liquid but had fewer options than conventional banks in the west.
"If the government can go for a sovereign sukuk both in dollars as well as Kenya shillings, not only will they find off-takers here but they will find there is a huge market potential to do a roadshow in the Middle East and be able to generate dollar-based financing from sukuks.
"There is a huge market for people looking for sharia-compliant returns to invest in sukuk. While the bond market is there, the pricing of sukuk may be slightly more competitive when compared to conventional bonds."
Kenya has delayed issuing its first ever eurobond because of the global credit crisis.
Hassan said the potential for Islamic banking in Africa, which has a sizeable Muslim population, was huge.
"Our own experience has been a very pleasant one. It shows that in the rest of Africa there's going to be huge demand and its going to grow very rapidly," he said. "We are looking at the tip of the iceberg." (Editing by Daniel Wallis and David Cowell) ($1=77.15 Kenyan Shilling)
© Thomson Reuters 2010 All rights reserved
Oliver Musembi and Kenneth Ogosia
25 January 2010
The government spent more than Sh40 million to deport radical Jamaican Islamic preacher Sheikh Abdullah al Faisal.
Immigration and Registration of Persons minister Otieno Kajwang’ gave the figure on Monday as it emerged that two officers had been suspended for clearing the preacher to enter the country.
Without specifying the amount, the minister said it was “in excess of Sh40 million” but defended the expenditure as warranted.
“It is the responsibility of the State to ship back the likes of al Faisal and this was necessitated by the fact that some deportees turn violent. This makes commercial airlines uncomfortable with such travellers,” said Mr Kajwang’.
Sheikh al Faisal, whose arrest and subsequent deportation triggered fatal demonstrations by Muslim youths in Nairobi, was deported last week.
The government had to hire a private jet to fly him to Jamaica after airlines declined to transport him and various other countries denied him access.
An earlier attempt to deport him two weeks ago failed after airlines refused to take him on board from Nigeria to the Gambia.
Sheikh al Faisal entered Kenya on December 24, last year, from Tanzania through the Lunga Lunga border point. He had been to Nigeria, Angola, Mozambique, Swaziland and Malawi.
Sheikh al Faisal served four years in a United Kingdom prison after being convicted of calling for the murder of Jews and Hindus.
On Monday, it emerged that two Immigration officers had been suspended for sanctioning the entry of the Islamic hate preacher.
The two, the officer in charge of the border point and his junior, who stamped the preacher’s visa, are likely to face tougher action since the region’s principal immigration officer has been asked to prepare a report on the entry of Sheikh al Faisal.
Nairobi...is off the chain. I only spent two days there, but the energy and feel is in great contrast to the coast. First of all, everyone speaks English, and their Swahili is 'chopped and screwed', so much so its become its own sub-genre of Swahili called Sheng. Here are a couple examples of Swahili slang or Swahili-English mixture:
niaje?= how are you?
nimekumiss= I miss you
kujienjoy= to enjoy yourself
More can be found at this online Sheng Dictionary
Anyway, I was hanging with Silas (my Swahili teacher's nephew) and his friends. Much respect and appreciation to him for showing me around.
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