Granary Amana

The term Amana in Islam means ‘‘faithful, to believe’’. It is a Muslim girls name meaning ‘’faithful’’. Incidentally, it is also a Biblical name meaning integrity, truth or nurse. Therefore the adoption of the name for our halal product will be in line with the ‘’mischief’’ that it intends to cure- that of the unwanted/ unwelcome interest.

For more information about Granary Amana 

The management is pleased to introduce a new product under the quoted name, Granary Amana.

To be in line with one of our core values of INNOVATION, this new product will seek to tap-in a segment in the market which is currently unexploited due to the faith professed by the businessmen therein: the Muslims. They engage in various types of businesses ranging from hotels, electronics, sale of clothes, perfumes, real estate, car dealers just to mention but a few. Majority of their businesses are run on both wholesale and retail basis.

The term ‘’Granary Amana’’ has been picked from the ‘’National Amana’’, a term used for the same product in the National Bank of Kenya.

The product addresses key issues relating to the Islamic faith as follows:

  • They do not allow the concept of the ‘’time value of money’’ and therefore are against charging interest on money lent out or borrowed. According to them money lent out or borrowed should be paid back or received back in the same value irrespective of the time spent with such money.
  • Therefore interest received under the foregoing paragraph above is deemed HARAM (HARAMU) and is therefore unacceptable and is a greater evil than the Biblical 8th
  • Muslims do business and therefore they recognise that PROFIT has to be made: profit is therefore acceptable and is HALAL (HALALI). Also important is that in business there is partnership of some sort to make the profit. This brings in the aspect of contribution from either party so that profit is shared in various proportions depending on the contributions of each. Usually the borrower gives a 1% contribution and the lender gives 99%. This is why they accept arrangements like in asset finance or mortgages or in LPO’s where the borrower receives no cash but it is sent directly to the dealers or vendors of the assets.
  • Facilities approved and advanced will therefore attract PROFIT or ADMINISTRATIVE COST rather than INTEREST.

Target Market for the Product

  1. CBD Branch: Eastleigh, Hamsa
  2. CORPORATE: South B, South C, Industrial Area, Nairobi West
  3. Machakos: Within the town centre behind the Co-operative Bank and around the main stage.
  4. Mombasa Branch: Entire region (will be among the main beneficiaries of this product)
  5. Donholm: Eastleigh, Donholm Area