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DIB Bank opens Sarit centre branch eyeing UAE trade deals
Monday July 10 2023
DIB Bank director Steve Mainda cuts the ribbon to officially launch the lender’s Sarit branch on July 10, 2023, assisted by UAE Charge D’affaires Khalifa AlRayssi. Looking on is DIB director Michael Murphy. PHOTO | COURTESY
DIB Bank Kenya, a subsidiary of Dubai Islamic Bank, has opened a new branch at Nairobi’s Sarit Centre, which will serve as an information hub for customers seeking trade financing between Kenya and United Arabs Emirates (UAE).
The Shariah-compliant lender on Monday said the move to locate its branch at the busy shopping mall will help it offer convenience to clients as it seeks to increase lending to small and medium-sized enterprises hard pressed for financing.
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The Sarit branch replaces the one that was previously at Goodman Towers, off Waiyaki Way. DIB says with the headquarters of its parent firm based in UAE, it is strategically positioned to facilitate trade deals between Nairobi and Dubai.
“By placing our branch in a high-traffic area, we are confident that we will be able to serve our existing and potential customers better and continue to strengthen our presence in the market,” said Rose Kagucia, acting chief executive at DIB Bank Kenya.
“Shariah banking is fast gaining popularity in the country and this branch will serve as an information hub for customers coming to Sarit. We are excited about this strategic move.”
The chargé d’Affaires at the UAE embassy in Kenya, Khalifa Al Rayssi, said DIB and other players in the financial sector hold a key place in promoting Kenya-UAE business ties.
“The investment, business, and financial relationship between Kenya and the UAE hold immense promise for both nations. The presence of the UAE banks in Kenya has enhanced access to financial services and fostered greater economic integration between the two nations,” he said on Monday.
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DIB Bank Kenya Limited was incorporated in 2014 as a fully owned subsidiary of Dubai Islamic Bank. Other fully-fledged Shariah-compliant banks in Kenya include Premier Bank (formerly First Community Bank) and Gulf African Bank.
