Dubai Islamic Bank commences operations

Dubai Islamic Bank has begun operations in Kenya two months after being granted a license by the Central Bank of Kenya.

The Sharia compliant bank will initially open three branches and look to grow as it acquires new customers in the market.

Dubai Islamic Bank chief executive officer Dr Adnan Chilwan said the entry into Kenya will serves as a launch pad for the bank to expand its reach into East Africa.

“Kenya is critical to DIB’s growth plans in Africa. Apart from the potential that the local economy offers, the Kenyan franchise will serve as a stepping stone for us to further expand and entrench ourselves in the east African belt,” Mr Chilwan said.

Dubai Islamic Bank is the country’s third fully licensed Islamic bank after First Community Bank and Gulf African bank.

A number of banks have also opened Islamic windows at their outlets to serve the growing demand for Sharia compliant financial services.

Dubai Islamic Bank is banking on its string financial base to springboard it into the market and gain traction with local customers.

The Dubai based lenders is estimated to have an asset base of $50 billion (Sh5.16 trillion).

When issuing the license, the Central Bank said DIB’s entry was testament to Kenya’s growing stature as a financial services hub.

Dubai Islamic Bank was the first bank to be granted an operational license since 2015 when the banking regulator issued a moratorium on licensing of new banks.