Mortgage
Gulf African Bank Home Finance (Sharia-Compliant)
Gulf African Bank
Last updated: April 16, 2026
★★★★★
0/5Based on 0 Reviews
Interest Rate
13% - 15% p.a.
Loan Amount
Ksh 2,000,000 - Ksh 40,000,000
Approval Time
14-28 business days
Processing Fee
KshNaN
Rating Breakdown
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Pros & Cons
Pros
- Fully Sharia-compliant (no riba/interest)
- No early settlement penalty
- Takaful insurance (ethical alternative)
- Progressive property ownership transfer
- Open to all Kenyans (not just Muslims)
- Supervised by independent Sharia board
Cons
- Effective cost similar to conventional mortgages
- Maximum 20 year tenure
- Smaller loan limit (KES 40M)
- Longer processing time (14-28 days)
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Product Details
Features
- Fully Sharia-compliant home financing (no interest charged)
- Ijara (lease-to-own) and Murabaha (cost-plus) structures
- Repayment period up to 20 years
- Home purchase and construction financing
- Takaful insurance (Islamic alternative to conventional insurance)
- No early settlement penalty under Sharia principles
- Property ownership transfers progressively to buyer
- Supervised by Sharia Advisory Board
Eligibility Requirements
Age: 21 - 60 years
Min Income: Ksh 60,000/month
Employment: Employed, Self-employed, Business owners
Required Documents
- Copy of ID/Passport
- KRA PIN Certificate
- Last 6 months payslips
- Last 6 months bank statements
- Employment confirmation letter
- Audited accounts (if self-employed)
- Property valuation report
- Title deed
- Sale agreement
- Sharia compliance declaration
Repayment Options
Standing orderCheck-offM-PesaBranch payment
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