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Islamic lender to ramp up Kenya expansion

NEWS
By James Wanzala | September 27th 2021
Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank PJSC and Chairman of DIB Bank Kenya (DIBBK). [Courtesy]

DIB Bank Kenya has committed to increasing investments in the Kenyan market as it marks four years of operations in the country.

The lender, which is a wholly-owned subsidiary of Dubai Islamic Bank PJSC, began operations as a full-fledged commercial bank offering Sharia-compliant products and services in Kenya in June 2017.

The DIB Group continues to provide capital injection and liquidity support to DIB Bank Kenya now valued at Sh10.2 billion.

“The African corridor is extremely important for us at DIB Group from a geo-location perspective, and DIBBK plays a vital role in our presence in this great continent. DIB Bank Kenya has a long-term commitment towards the growth of Kenya given the market attractiveness, which also is an important hub in Eastern Africa,’’ said Dubai Islamic Bank PJSC Group Chief Executive and DIB Bank Kenya Chairman Adnan Chilwan during celebrations to mark the bank’s fourth anniversary in Nairobi recently.

“It is heartening to note that East Africa’s largest economy, Kenya, is seen expanding 6.6 per cent this year, a significant rise from the estimated 0.6 per cent in 2020, denoting a strong economic recovery” added Dr Chilwan.

He said going forward, the bank would increase its branch network in the country from the current five and invest in supporting the government in infrastructure development, real estate, roads, among other areas.

Chilwan said DIBBK was a universal bank, not just catering to Muslim clients. DIB Bank Kenya Managing Director Peter Makau said the bank recorded a 9.25 per cent growth in total assets to close at Sh14.6 billion.

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