The Central Bank of Kenya (CBK) has lifted the moratorium on licensing new commercial banks in the country, a testament to its confidence in the banking sector, by announcing the licensing of DIB Bank Kenya Limited.
The licensing of new banks in Kenya was frozen in November 2015 after three privately-owned banks were placed under receivership in under one year.
DIB, a fully-owned subsidiary of Shariah-compliant Dubai Islamic Bank PJSC (DIB PJSC) of the United Arab Emirates (UAE), becomes the first UAE bank in Kenya and third fully Shariah-compliant bank to be licensed in the country, after Gulf African Bank limited in 2007 and First Community Bank Limited in 2008.
The largest Islamic Bank in the UAE, DIB PJSC was founded in 1975. It had an asset base of $47.6 billion and capital of $7.4 billion as at September 2016.
It business model is anchored on excellent customer service, innovation, growth and consistent employee engagement.
Kenya is DIB’s entry point into sub-Saharan Africa in its strategic focus of enhancing its international presence, signalling the country’s growing stature as a premier regional financial services hub.
It will expand the offerings in the Kenyan market especially in the developing Islamic banking space.
In the continent, DIB also has a presence in Sudan.