Kenya’s DIB Bank opens new branch in Nairobi mall

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, Chargé 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)