List Of Islamic Banks In Kenya. Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.
- Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to finance or banking activities that adhere to Shariah (Islamic law).
- Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.
- Islamic banks make a profit through equity participation, which requires a borrower to give the bank a share in their profits rather than paying interest.
- Some conventional banks have windows or sections that provide designated Islamic banking services to their customers.
Premier Bank, formally First Community Bank (FCB), is a Shari’ah compliant commercial bank in Kenya, the largest economy in the East African Community. The bank received a formal approval from the Central Bank of Kenya in 2007, the national banking regulator in the country but commenced its official operations on 1st June, 2008
Premier Bank was established in 2007 as First Community Bank (FCB) to operate according to Islamic Shari’ah law by private Muslim investors in Kuwait, Kenya and Tanzania. The bank received a Kenyan commercial banking license the same year, and officially started operations in June 2008. The FCB is the first Kenya-based fully fledged bank to operate according to the laws of Shari’ah. Since the founding of First Community Bank, other Sharia compliant banks such as Gulf African Bank (GAB), Dubai Islamic Bank (DIB) and several Islamic windows operating under conversational banks have also received commercial licenses from the Central Bank of Kenya.
Head Office: FCB Mihrab Building, Ring Road, Kilimani, Nairobi.
Phone: 0725 843 000, 0789 843 000.
DIB Bank Kenya Limited
The Dubai Islamic Bank (DIB) is an Islamic bank in Dubai, established in 1975 by Saeed Bin Ahmed Lootah. It is the first Islamic bank in the world to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the United Arab Emirates.
Dar Al Sharia: Dar Al-Sharia is a Sharia legal and financial consultancy firm established in 2008.
Dubai Islamic Bank Pakistan: Dubai Islamic Bank Pakistan was established in 2006 as a fully owned subsidiary.
Panin Dubai Syariah Bank: 38.3% ownership in a Shariah compliant player in Indonesia, which has one of the largest Muslim populations in the world.
Bank of Khartoum: DIB holds a stake in Bank of Khartoum, one of the largest banks in Sudan.
Deyaar: Deyaar Development is a real estate development company established in 2002.
Bosna Bank International: Bosna Bank International was established in 2000 as the first Sharia-compliant bank in Europe.
DIB Bank Kenya Limited: License obtained from Central Bank of Kenya (CBK) in May 2017 exclusively to offer Shariah compliant banking services in Kenya.
Phone: +254 20 709 913111.
Gulf African Bank
Gulf African Bank (GAB), whose full name is Gulf African Bank Limited, is a commercial bank in Kenya operating under an Islamic banking regime. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.
As of December 2014 the bank was a mid-sized financial services provider in Kenya. Its total assets were valued at approximately US$191.8 million (KES:19, 753, 647 billion), with customer deposits totalling approximately US$153.3 million (KES:15.8 billion), and shareholders’ equity estimated at US$30.6 million (KES:3.15 billion). At that time, the bank was ranked number 25, by assets, out of the 43 licensed banks in Kenya then. The bank has plans to enter Uganda and Tanzania.
Discussions to establish the bank started in 2005, by individuals and institutions from the Persian Gulf and Kenya. The bank began banking operations in 2008, after receiving a commercial banking license and authorisation to establish a Sharia bank, from the Central Bank of Kenya. Gulf African Bank is the second commercial bank in Kenya to receive authorisation to practice Sharia banking, after First Community Bank, which opened in 2007. At the time it opened, Gulf African Bank’s capital base totalled over US$21 million (KES:1.75 billion).
Head Office: Geminia Insurance Plaza, 1st Floor, Upperhill, Nairobi.
Phone: 0711 075 000, 0729 111 537.