UAE’s largest Islamic lender, Dubai Islamic Bank (DIB), has unveiled a new branch at Nairobi’s Eastleigh estate as it ramps up efforts to penetrate and establish itself in the local banking market.
The branch, the bank’s third in Nairobi and fourth countrywide, is located at Mega Plaza Shopping Mall along Eastleigh’s First Avenue Street.
According to Peter Makau, the bank’s Chief Executive Officer in Kenya, the branch was launched in the busy Nairobi estate to allow its customers, mainly composed of commercial enterprises and SMEs, to easily access Shariah banking services exclusively offered by the lender.
“We are committed to delivering excellent services to our customers in a convenient manner by taking our banking services closer to our customers and hence the official launch of our Eastleigh branch today.” Mr. Makau said in an official statement Tuesday.
“The expansion will entail a combination of branches expansion, strategic partnerships and diversification of product range leveraging on technology to meet growing customer needs,” Mr. Makau added.
The new Eastleigh outlet will operate for six days a week. On Monday to Friday, the bank will operate between 8:30am-4:30pm while on Saturday it will remain open between 9:00am-1:00pm.
Dubai Islamic Bank began formal operations in the country in June 2017 after being granted a license by the Central Bank of Kenya a month earlier. The bank began operations by launching its Goodman Branch in Westlands, Upper Hill branch and Kilindini Branch in Mombasa. The Upper Hill Branch at the junction of Bunyala and Lower Hill Road serves as the bank’s headquarters.
In the first nine months of 2018, the bank’s local subsidiary Dubai Islamic Bank (DIB) Kenya posted a Ksh. 665.8 million loss which was 18.6 per cent higher than the loss incurred in a similar period in 2017. According to the bank, its local operations were beleaguered by an increase in expenses in the period ended September 2018 despite higher income.