Shariah lender opens branches as part of expansion plan

Trading as DIB Bank Kenya Limited, the Dubai Islamic Bank PJSC was licensed and began operations in 2017, and is a fully-fledged commercial bank that offers exclusively Sharia compliant Banking services to both business and personal customer segments. The Bank’s initial three branches are located at DIB Bank Kenya Headquarters Upperhill Building, Goodman Towers Westlands, and Bay Wood Building, Kilindini Mombasa. The Bank’s latest branches are located at Mega Plaza Shopping Mall Eastleigh and Suhufi Plaza Bondeni Mombasa. Dubai Islamic Bank (DIB) – UAE was the first Commercial Islamic Bank to be established in the world in 1975 and is a public joint stock company listed on the Dubai Financial Market (PJSC). Writes KJ Odongo.

DIB Bank Kenya Limited (DIB), which offers exclusively Shariah Banking services, has launched branches in Eastleigh and Bondeni in Mombasa as the bank starts to implement an expansion strategy geared at enhancing its reach to the Bank’s target market which is mainly Commercial Enterprises, Small and Medium Enterprises and Individual customers.

The expansion to Eastleigh, one of the country’s most vibrant business hubs, marks the beginning of a plan that will see the bank expanding its activities in the Kenyan market to better serve customers. The expansion will entail a combination of branches expansion, strategic partnerships and diversification of product range leveraging on technology to meet growing customer needs.

“Since we opened shop in Kenya two years ago, we have invested KES 4.3 billion. We are committed to delivering excellent services to our customers in a convenient manner by taking our Banking services closer to our customers and hence the official launch of our Eastleigh branch today.” said DIB Bank Kenya Chief Executive Officer Peter Makau.

The Eastleigh branch, which is located at the Mega Plaza Shopping Mall along Eastleigh First Avenue Street, has increased the choice of Shariah banking services to the Eastleigh community.

Currently, DIB has presence in Nairobi and Mombasa counties with 5 branches in total.

Those present at the launch included, the area Member of Parliament, Hon. Yusuf Hassan, the Chairman of the Eastleigh Business Community Ibrahim Hussein, prominent Eastleigh business personalities and DIB Directors Dr. Stephen Mainda and Mr. Michael Murphy.

With a second branch in Mombasa, DIB Bank seeks to meet the growing need of Shariah-compliant financial services in a city with a vibrant economy largely driven by business emanating from the Port of Mombasa, general trade, tea, tourism and manufacturing including cement manufacturing.

“Since we launched the DIB brand in Kenya two years ago, we have continued to invest in the country with the objective of growing our business in Kenya and to widen our branch network in order to be closer to our customers” said DIB Bank Kenya Chief Executive Officer Peter Makau.

“The new branch, which is conveniently located at the Suhufi Plaza in Bondeni Mombasa along Abdul Nassir road, will give residents of Mombasa community the opportunity to benefit from DIB Bank Kenya’s Sharia-compliant banking products and services. Currently, DIB has presence in Nairobi and Mombasa with 5 strategically located branches in these cities,” added Mr. Makau.

Those present at the Mombasa launch included Mombasa County Senator Mohamed Faki Mwinyihaji, CEC Finance & Economic Ms Maryan Mbaruk, The Chief Officer Devolution Ms Illhan Abass, prominent Mombasa business personalities and DIB Directors Dr. Stephen Mainda and Mr. Michael Murphy.