This archive report was first published on 27 September 2021.
Published on September 27, 2021, DIB Bank Kenya, a leading Islamic lender, has marked four years of operations in Kenya with a commitment to increase investments in the country.
The bank, 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.
With a capital injection and liquidity support valued at Sh10.2 billion, DIB Bank Kenya continues to play a vital role in the lender's presence in the African continent.
According to Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank PJSC and Chairman of DIB Bank Kenya, the bank has a long-term commitment towards the growth of Kenya, given the market's attractiveness as an important hub in Eastern Africa.
"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," Dr. Chilwan said during celebrations to mark the bank's fourth anniversary in Nairobi.
Dr. Chilwan also noted that East Africa's largest economy, Kenya, is expected to expand by 6.6 per cent in 2021, a significant rise from the estimated 0.6 per cent in 2020, denoting a strong economic recovery.
Going forward, the bank plans to increase its branch network in the country from the current five and invest in supporting the government in infrastructure development, real estate, roads, and other areas.
"We are not just catering to Muslim clients," Dr. Chilwan said. "DIB Bank Kenya is a universal bank, and we are committed to serving the entire Kenyan market."
According to DIB Bank Kenya Managing Director Peter Makau, the bank recorded a 9.25 per cent growth in total assets to close at Sh14.6 billion.
