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KCB Appoints Scholars to Head Islamic Banking Advisory Team
by Soko Directory Team

KCB Group has picked three Islamic banking experts to run the Bank’s Sharia
Advisory Committee, heightening the lender’s roll-out of Islamic banking services
in Kenya.  The scholars and religious leaders— Sheikh Ahmed M. Msallam, Sheikh
Ibrahim  Lethome and Dr. Ahmed Sheikh Abdualatif Osman—on Tuesday morning
signed their contracts with KCB during the inauguration of the KCB Shariah Advisory
Committee.  
 
 

KCB Group Chairman, Ngeny Biwott (left) and KCB Group CEO Joshua 
Oigara listen to Sheikh Ibrahim Lethome, a member of the KCB Sahl
Banking giving his remarks during the inauguration of the committee on 
Tuesday.
 
The formal appointment of the Sharia Advisory Committee marks a 
major milestone as KCB finalises the architecture for its Islamic 
banking products and services to ensure they are in line with the 
regulatory framework, which will be available from November 1. 
 
KCB Group Chairman Ngeny Biwott said the appointment of the
committee will give th

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Airtel Kenya to Stock iPhone 6 and iPhone 6 Plus
by Soko Directory Team

 
Bharti Airtel (“Airtel”), a  leading telecommunications services provider
with over 300 million customers across operations in 20 countries
across Asia and Africa has today announced it will offer iPhone 6 and
iPhone 6 Plus, the biggest advancements in iPhone history, beginning
14th November 2014. 
 
Airtel customers in Kenya will get the chance to get their hands on
the most sought-after mobile devices of the year, the iPhone 6 and
iPhone 6 Plus in all Airtel outlets in Kenya.
 
While making the announcement, Airtel Kenya CEO Adil El Youssefi said: 
 
“Airtel is responding to its customers' demands for the iPhone 6 
devices and we are very excited to make these latest innovations from 
Apple available in Kenya.  Airtel customers will be able to fully take 
advantage of all the features of these latest mobile devices on our 3G 
network."
 
Mr. El Youssefi added: “From a business perspective, smart phone 
penetration is linked to strong data growth. This is demon

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Bharti Airtel Announces Consolidated IFRS Results for the Second Quarter Ended September 30, 2014
by Soko Directory Team

Highlights for the Second quarter ended September 30, 2014
 
·Customer base crosses mark of 300 million and stands at 303.7 million across 20 countries,
  up 8.4% Y-o-Y.
·Consolidated total revenues at Rs 22,845 crore, up by 7.1% Y-o-Y.
·India revenues up 12.3%; Africa revenues (in local currency) up 6.4% Y-o-Y.
·Consolidated Mobile Data revenue at Rs 2,540 crore, up by 66.7% Y-o-Y; growth across 
  geographies
·Consolidated EBITDA at Rs 7,705 crore, up by 12.1% Y-o-Y, EBITDA margin up 1.5% Y-o-Y.
·India EBITDA margin at 38.3%, up by 3.2% Y-o-Y.
·Net Income at Rs 1,383 crore, up by 170.2% Y-o-Y.
 
New Delhi, India, October 30, 2014: Bharti Airtel Limited (“Bharti Airtel” or “the Company”) 
today announced its audited consolidated IFRS results for the Second quarter ended
September 30, 2014.
 
The consolidated revenues for Q2’15 at Rs 22,845 crore grew by 7.1% over the corresponding 
quarter last year. Consolidated Mobile data revenues at Rs 2,540 crore grew by 66.7% Y

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Kenya Scores Poorly in World Bank Ease of Doing Report 2015
by Old Mutual Securities

 

 
Kenya yet to increase competitiveness as the Country scores poorly in World Bank Ease
of Doing Report 2015.
 
Our view: The report ranks Kenya’s ease of doing business at position 136 out of the 189
economies surveyed globally, last year the country was ranked 137. The outcome brings to
question reforms the Government has been claiming that its making as the impact is yet to
be felt and appreciated in the economy thus helping to improve Kenya’s competitiveness.
Expectations were high that Kenya would do better this time round with Head of Kenya Private
Sector Alliance acknowledging that were positive changes happening in the business
environment.
 
 
Price wars and fraud pushed 14 general insurance firms such as CIC, Resolution and AAR
into large underwriting losses in the first half of the year:
 
Our view: Kenya’s insurance industry is dominated by 45 licensed insurance companies
with the market being dominated by large players with Jubilee controlling 15.5% m

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Record Smartphone Shipments Boost LG Electronics Quarterly Earnings
by Soko Directory Team

 
LG Electronics (LG) announced unaudited third quarter consolidated
revenues of USD 14.54 billion, an increase of 7.4 percent year-over-year,
and operating profit of USD 449.61 million, more than double the figure
from the same period a year ago. LG’s earnings reflected strong performance
from its mobile business which saw record smartphone sales in the third
quarter with sales of 16.8 million units.
 
The LG Home Entertainment Company reported third-quarter revenues of USD
4.59 billion, a slight decline of 3 percent from the same period last year.
Operating profit of USD 127.19 million increased 5 percent from the same
quarter last year due to better product mix. Sales of LCD TVs increased
year-over-year in regions such as North America, Europe, Asia and the Middle East.
 
LG expects sales of 4K Ultra HD TVs and commercial digital signage products to 
grow, while market demand for monitors and AV products is expected to slow.
The LG Mobile Communications Company shi

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