Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Area Member of Parliament, Yusuf Hassan who attended the launch on Tuesday said the expansion of the new bank further enables the country to boost its trade ties with different States/COURTESY

Finance

Dubai Islamic Bank launches new branch in Nairobi’s Eastleigh

Area Member of Parliament, Yusuf Hassan (centre) who attended the launch on Tuesday said the expansion of the new bank further enables the country to boost its trade ties with different States/COURTESY

NAIROBI, Kenya, Oct 16 – Dubai Islamic Bank has expanded its presence in Kenya through the launch of a new Branch in Eastleigh as part of the bank’s strategy to reach a larger target market.

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

Area Member of Parliament, Yusuf Hassan who attended the launch on Tuesday said the expansion of the new bank further enables the country to boost its trade ties with different states.

“You are coming to an interesting business environment and this means you will also be part of our economic growth, this is also enhancing our relationship across the region and even internationally,” Hassan said.

This will be the third branch in Nairobi and the fourth outlet to be opened by the bank countrywide.

DIB Bank Kenya Chief Executive Peter Makau also added that the new branch is well placed since Eastleigh is a major business hub which will help the bank to attract more customers.

“Eastleigh is very important for us because it is a major business hub that serves the public and it is also an important trading hub,” said Makau.

The bank will be opened between 8:30 am-4:30 pm Monday to Friday and between 9:00 am-1:00 pm on Saturdays.


Currently, DIB has a presence in Nairobi and Mombasa counties with 5 branches in total.

The Bank will also be officially launching its new branch in Mombasa in two weeks’ time.

Advertisement. Scroll to continue reading.

This comes even as DIB narrowed its half-year losses by 11 percent to Sh403 million loss in the first six months of this year.


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

Click to comment
Advertisement

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...

Headlines

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

Kenya

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

Coronavirus

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

Coronavirus

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

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...