Dubai Islamic Bank Promises More Investments As It Celebrates Four Years In Kenyan Market

DIB Bank Kenya
Dubai Islamic Bank Group CEO Dr. Adnan Chilwan, Treasury CAS Eric Wafukho and DIB Bank Kenya CEO Peter Makau cut a cake to mark DIB Bank Kenya's 4th Anniversary in Nairobi. [PHOTO/ COURTESY]

Celebrating its four years anniversary, DIB Bank Kenya underscored its commitment with a promise to increase investments in the Kenyan market supporting the financing of business and individual customers, which currently stands at Ksh10.2 billion.

A wholly-owned subsidiary of the Islamic banking giant, Dubai Islamic Bank PJSC, DIB Bank Kenya (DIBBK) began operations in the gateway to Africa in June 2017 as a full-fledged commercial bank offering financial services to all Kenyans under the umbrella of Sharia-compliant products and services.

Dubai Islamic Bank, the parent bank for DIBBK, enjoys several distinctions, from being the first Islamic bank in the world, to currently the largest Islamic bank in the UAE and second largest in the world. DIB Group continues to provide capital injection and liquidity support to DIB Bank Kenya’s operations.

“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,”

said Dr Adnan Chilwan, Group CEO of Dubai Islamic Bank PJSC and Chairman of DIBBK.

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

Dr Adnan say the bank is a conduit between Kenyans in the UAE and their home country as well as for businessmen who travel to and fro between Kenya and UAE.

“Even with the tough times, such as the Covid-19 pandemic, we have been able to stay strong as a bank, recording a 9.25% growth in total assets to close at Ksh14.6Bn, with our financing assets growing by 16% to close at Ksh10.2 billion as at August 2021”

said the DIB Bank Kenya Managing Director and CEO Peter Makau.

The Treasury Chief Administrative Secretary, Eric Wafukho while reading a speech on behalf of the National Treasury & Planning Cabinet Secretary congratulated the Bank on this milestone and especially in terms of encouraging diversity and inclusion in the financial sector.

“Kenya’s financial inclusion landscape has undergone a transformation since 2006, with formal financial inclusion rising to 82% up from 26.7% with complete exclusion narrowing to 11.0% from 41.3%,”

said Wafukho.

The bank has invested in a mobile app and recently introduced PesaLink to its ways of banking to ensure efficiency and is now looking at increasing its footprints in other parts of the country as they gear towards expanding in the region.

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