Kenya: Islamic Bank Sets Foot With New Branches

Click here: AllAfrica.com – Kenya: Islamic Bank Sets Foot With New Branches

Kenya’s first Islamic lender-First Community Bank – is set to roll out branches across the country following the appointment of veteran banker Nathif Adam as the chief executive officer this week. With a Sh1 billion capitalisation – four times the statutory base -the bank will hit the ground running in anticipation of intense competition from other banks that have unveiled products targeting Muslims. “It was in line with our business strategy. With this kind of money, we are leaving nothing to chance,” Mr Adam told Business Daily.

…”Our plan is to have as many branches as possible in all the Muslim-dominated regions of Kenya, including North Eastern Province and as many branches as possible in Coast Province,” says Mr Adam, adding that the new bank intends to open a branch in Garissa by next February.

The move is seen as a major step in opening up the regions to the financial sector which comprise a substantial proportion of the unbanked rural population across the country…Currently, FCB’s main shareholders include Sharjah Islamic Bank of the UAE, Al- Madina investment & Finance and Zummoroda Investment company (both of Kuwait) and a number of Kenyans (30 per cent).

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