DUBAI: Dubai Islamic bank becomes the latest entrant into the Kenyan banking sector after being licensed by the central bank of Kenya to offer financial services across the country. The move also makes Dubai Islamic bank the third fully sharia compliant bank to be licensed in Kenya, after Gulf African bank limited in 2007 and first community bank limited in 2008.
According to the CBK, the banks entry will expand the offerings in the market, particularly in the nascent Sharia compliant banking niche. This also signifies the first entry of a United Arab Emirates bank in Kenya to support the long-standing economic ties between Kenya and the UAE. D-i-b’s choice of Kenya as its entry point into sub-Saharan Africa signals Kenya’s growing stature as a premier regional financial services hub.
