DIB Kenya

#Kenya just stands out: Dr Adnan Chilwan, GCEO, Dubai Islamic Bank

Dr. Adnan Chilwan, CEO of Dubai Islamic Bank (DIB), said that Kenya stood out to the Bank as a stepping stone to expanding its operations into Africa. In May 2017 DIB was granted a banking licence by the Central Bank of Kenya to operate a subsidiary, DIB Kenya. According to Chilwan, Dubai always had the ambition to venture into Far East Asia and East Africa. As DIB had already ventured into Far East Asia, East Africa was the next logical point. From the East African countries Kenya stands out in its regulatory framework and the stability in the country. DIB Kenya is already open and the bank has ambitious plans for East Africa. Chilwan added that Kenya was a country that DIB would be surely focussing on in years to come.

Entry of Dubai based bank stirs up Sharia banking

Dubai Islamic Bank (DIB) is set open operations in Kenya, in what could be the start for Gulf-based lenders scouting for growth outside their home markets. The Emirate's largest Sharia-compliant lender has started head-hunting top managers for its Nairobi unit. DIB Kenya said it is obtaining a banking licence from the Central Bank of Kenya (CBK). DIB Kenya Ltd has been issued with an approval-in principle- to operate pending completion of the licensing process. The lender is seeking qualified persons in multi-nationals and local banks in Kenya to fill some 36 top and middle level positions within the bank.

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