Dubai Islamic Bank opens additional branch in Nairobi in its expansion strategy

KENYA – Dubai Islamic Bank (DIB) has opened a new branch in Eastleigh, Nairobi in an expansion strategy geared at bringing banking services to the doorsteps of its customers.

The bank, which offers exclusively Shariah banking services says the branch is located at Mega Plaza Shopping Mall along Eastleigh First Avenue Street.

According to Business Daily, it will be the bank’s third branch in Nairobi and the fourth outlet to be opened by the bank countrywide.

“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.” said DIB Bank Kenya chief executive Peter Makau in a statement Tuesday.

Mr Makau said the new branch will help the bank reach out to its clients mainly composed of commercial Enterprises, Small and Medium Enterprises and Individual customers.

The bank, he said will increased the choice of Shariah banking services to the Eastleigh community. It will be opened between 8:30am-4:30pm Monday to Friday and between 9:00am-1:00pm on Saturdays.

“The expansion will entail a combination of branches expansion, strategic partnerships and diversification of product range leveraging on technology to meet growing customer needs,” he said.

Increase in revenues was outpaced by rise in costs to meet expenses in staff and provision for bad loans even as the lender seek to entrench its foot prints in the Kenyan market.

To date, the bank has four branches countrywide, however there are plans to open one more branch in Mombasa in the next two weeks.

The Dubai Islamic Bank is an Islamic bank in Dubai, established in 1975. It is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE.

The Bank currently operates 90 branches across the UAE, is present in seven markets worldwide and is expanding its global footprint to further grow and develop the industry. Serving close to 1.7 million customers, DIB offers its growing consumer base an increasing range of innovative Sharia compliant products and services.

DIB started its operation in Kenya in 2011 in a month after being granted license by the Central Bank of Kenya with three branches; Goodman Branch in Westlands Nairobi, Upper Hill branch in Nairobi and Kilindini Branch in Mombasa.

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