"Islamic banking is in fact a concept gaining fast popularity and acceptance across the world," the bank said in a statement.
"Guided by strong values and ethics the banking model has shown great resilience during the recent global economic downturn and as a result is now emerging as a popular alternative to conventional banking."
The bank said it will offer current accounts, savings accounts, children’s savings account, term investment accounts, home financing, small and medium enterprise banking, corporate banking, trade and treasury services.