The proposed Dubai Islamic Bank headquarters in Nairobi. FILE PHOTO | NMG
NMG
Summary
- DIB intends to exclusively offer Shariah compliant banking services in the country.
- The lender, which is the largest Islamic Bank in the UAE, has a presence in Bosnia, Indonesia, Pakistan, Sudan, Turkey and UAE.
- DIB's entry into the Kenyan market marks the end of a moratorium imposed by the CBK on licencing new banks.
The Central Bank of Kenya (CBK) has
licensed DIB Kenya - owned by the United Arab Emirates’ largest Shariah
lender Dubai Islamic Bank - to carry out business in the country.
CBK said in a statement that DIB intends to exclusively offer Shariah compliant banking services in Kenya.
“It
becomes the third fully Shariah compliant bank to be licensed in Kenya,
after Gulf African Bank Limited in 2007 and First Community Bank
Limited in 2008,” said CBK Friday.
The lender has a presence in Bosnia, Indonesia, Pakistan, Sudan, Turkey and the UAE.
End of licensing freeze
DIB's entry into the market marks the end of a moratorium imposed by the CBK on licencing of new banks.
“CBK
welcomes the entry of international brands such as DIB into the Kenyan
banking sector. DIBs entry will expand the offerings in the market,
particularly in the nascent Shariah compliant banking niche,” said the
regulator.
Central bank said its entry signifies long-standing economic ties between Kenya and the UAE.
As
at September last year, the Emirati bank had an asset base of $47.6
billion (Sh4.85 trillion) and capital of $7.4 billion (Sh754.8 billion).
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