DIB opens new branch in Mombasa

Dubai Islamic Bank

Just two weeks after unveiling a new outlet in Nairobi’s Eastleigh Estate, UAE’s largest Islamic lender, Dubai Islamic Bank (DIB), has opened a new outlet in Bondeni Mombasa.

Opening the outlet, the bank’s fifth locally, underscores the lender’s bid to expand its local footprint and customer base and according to the bank it will allow customers, mainly composed of commercial enterprises and SMEs, in the busy Mombasa area to easily access Shariah banking services exclusively offered by the lender.

“Since we launched the DIB brand in Kenya two years ago, we have continued to invest in the country with the objective of growing our business in Kenya and to widen our branch network in order to be closer to our customers,” DIB Bank Kenya CEO Peter Makau said in a statement on Tuesday.

“The new branch, which is conveniently located at the Suhufi Plaza in Bondeni Mombasa along Abdul Nassir road, will give residents of Mombasa community the opportunity to benefit from DIB Bank Kenya’s Sharia-compliant banking products and services,” he added.

DIB currently has a presence in Nairobi and Mombasa with its five strategically located branches. The lender 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.

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