DIB Bank in a 4.3 b expansion strategy into the Kenyan market

Kamukunji MP Yusuf Hassan Abdi cuts the ribbon to officially open the DIB Bank Kenya Eastliegh Branch. Looking on are the DIB Bank Kenya Board Director Michael Murphy and CEO Peter Makau.

 

Dubai Islamic Bank (DIB) is investing 4.3 billion for expansion in their business in Kenya.

This comes after the bank registered a 665 million loss in their first year of operation in the country.

DIB Bank Kenya, which offers exclusively Shariah Banking services, launched a new branch in Eastleigh as the bank starts to implement an expansion strategy geared at enhancing its reach to the Bank’s target market which is mainly Commercial Enterprises, Small and Medium Enterprises and Individual customers.

The expansion to Eastleigh, one of the country’s most vibrant business hubs, marks the beginning of a plan that will see the bank expanding its activities in the Kenyan market to better serve customers. The expansion will entail a combination of branches expansion, strategic partnerships and diversification of product range leveraging on technology to meet growing customer needs.

 “Since we opened shop in Kenya two years ago, we have invested KES 4.3 billion. 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 Officer Peter Makau.

The Eastleigh branch, which is located at the Mega Plaza Shopping Mall along Eastleigh First Avenue Street, has increased the choice of Shariah banking services to the Eastleigh community.

“Currently, DIB has 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,” added Mr. Makau

Those present at the launch included, The area Member of Parliament, Hon. Yusuf Hassan, the Chairman of the Eastleigh Business Community Ibrahim Hussein, prominent Eastleigh business personalities and DIB Directors Dr. Stephen Mainda and Mr. Michael Murphy.

Related posts

Leave a Comment