30.8 C
Dubai
Monday, May 20, 2024
spot_img

Kenya’s DIB Bank opens new branch in Nairobi mall

[ad_1]

DIB Bank Kenya, a subsidiary of Dubai Islamic Bank, has opened a new branch in a popular shopping mall in Nairobi that will serve as an information center for customers seeking trade financing between Kenya and the United Arab Emirates (UAE).

The move to open a branch in the busy Sarit Center shopping mall will help facilitate the convenience of customers, the Shariah-compliant bank said on Monday, as it seeks to increase support for small and medium-sized enterprises struggling to finance, The Business Daily reported. loan. .

The new branch replaces the previous branch located at a nearby location. DIB said its parent company, based in the UAE, is strategically positioned to facilitate trade transactions between Nairobi and Dubai.

“We are confident that we will be able to better serve our existing and potential clients and continue to strengthen our presence in the market,” said Rose Kagucia, acting CEO of DIB Bank Kenya.

“Shariah banking is rapidly gaining popularity in the country and the branch will serve as an information hub for customers.”

Khalifa Al Rayssi, Charg√© d’Affaires ad interim at the UAE Embassy in Kenya, said the DIB and other players in the financial sector play a key role in facilitating Kenya-UAE business relations.

“The investment, commercial and financial ties between Kenya and the UAE hold great promise for both countries. The presence of UAE banks in Kenya increases access to financial services and facilitates greater economic integration between the two countries, “He said.

Established in 2014, DIB Bank Kenya Limited is a wholly-owned subsidiary of Dubai Islamic Bank.

In October 2022, the Office of the President of Kenya issued a statement announcing that it would strengthen trade relations with the UAE.

The two countries will speed up a trade agreement and set up a joint panel to investigate investment partnerships in areas such as oil and gas, technology transfer, agriculture, healthcare and the development of special economic zones.

The UAE-Kenya proposed Comprehensive Economic Partnership Agreement (CEPA) talks are the first of their kind between a Gulf Arab state and an African country, the UAE’s state news agency WAM reported.

WAM said such agreements would boost the total non-oil bilateral trade between the UAE and Kenya, growing to $2.3 billion by 2021. Through CEPA, the UAE and Kenya aim to remove trade barriers for a wide range of goods and services.

(Editing by Saipan Scalia seban.scaria@lseg.com)

[ad_2]

Source link

Related Articles

Dubai gold pricing: Why an attraction for gold enthusiasts?

Dubai Gold Pricing: Exploring the Allure for Gold Enthusiasts In Dubai, gold holds a special place in the hearts of both residents and visitors. The...

Meta Controversy: Elon Musk Accuses Mark Zuckerberg’s Company of ‘Super Greed

Meta's Controversy: Elon Musk Accuses Mark Zuckerberg's Company of 'Super Greed' In a surprising turn of events, tech titan Elon Musk has publicly accused Meta,...

Best Russian Spas in Dubai

Indulge in Luxury: Discover the Best Russian Spas in Dubai Dubai, renowned for its opulent lifestyle and unparalleled luxury experiences, is also home to some...

Google Gemini Unveils Plans for Present Solutions and Future Complexity

Google's Future Vision: Google Gemini Unveils Plans for Present Solutions and Future Complexity In a strategic move aimed at addressing present challenges and anticipating future...

What are the benefits of electronic signature?

What are the benefits of electronic signature? If you run a business, your signature is used in day-to-day transactions. Whether you deal with contract management...

Latest Articles