Connect with us

Hi, what are you looking for?


Gulf Bank expansion plan on course

NAIROBI, Kenya, Jan 17 – Gulf African Bank, the first fully Shar’iah compliant bank in Kenya has said it is on course with its aggressive branch expansion program to fully establish its presence and accessibility in the country.

Gulf African Bank Chairman Suleiman Shahbal said the program had seen it increase its branch network to nine following the opening of the Enterprise Road and Eastleigh outlets.

“As the curtains come down on our first phase of branch expansion, we are proud of what we have achieved so far. This attests to the fact that we are committed to bringing Shariah compliant banking to Kenyans countrywide,” Mr Shahbal said. The bank was registered in November 2007 and started its operations in January 2008.

The Enterprise Centre Branch, he added, would ensure that residents and businesses in Industrial area, South B, South C and Nairobi West have accessibility to Shar’iah compliant products while the Eastleigh branch, which is the bank’s third branch in the locale, will serve the increased business community in the area.

Islamic banking is a system of trade where goods and services are sold and capital is invested to earn profit but prohibits the concept of interest from financial transactions.

The second phase of branch expansion, he revealed would commence almost immediately with new branches in Mombasa, Malindi and Lamu followed by outlets in Western and Rift Valley regions.

“Our aim is to have a presence in as many regions of Kenya as possible by the end of this year,” he vowed.

At the same time leading Muslim scholars held a seminar in Garissa on Friday to discuss emerging issues in Islamic Banking.

During the round-table organised by Barclays Bank of Kenya, the scholars observed that the bank was continuously looking at ways to enhance its products and services to ensure that it meet the evolving needs of its customers.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...