Tuesday 19 March 2024
 
»
 
»
Story

Dubai Islamic Bank unit wins Kenya licence

DUBAI, April 29, 2017

Dubai Islamic Bank,  the largest Shariah compliant lender in the UAE, said its Kenyan subsidiary, DIB Bank Kenya, has been granted licence by the central bank to carry out operations in the east African nation.

With this approval, DIB Bank Kenya has become the third fully Shariah compliant bank to be licensed in Kenya, after Gulf African Bank in 2007 and First Community Bank in 2008.

Under the licence given by the Central Bank of Kenya (CBK), DIB Bank Kenya can exclusively offer
Islamic banking services in Kenya.

A major player in the region's banking sector, DIB had an asset base of $47.6 billion and capital of $7.4 billion as of September 2016.

The Emirati bank has a strong presence in Bosnia, Indonesia, Pakistan, Sudan and Turkey.

Welcoming the Dubai lender's entry into Kenya, CBK said international brands such as DIB will help expand the offerings in the market, particularly in the nascent Shariah compliant banking niche.

This also signifies the first entry of a UAE bank in Kenya to support the long-standing economic ties between Kenya and the UAE, it added.-TradeArabia News Service




Tags: Dubai Islamic Bank | Kenya | licence |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads