DIB Bank Kenya opens 7th branch in South C, Nairobi

Since its establishment in the country in 2017, Dubai Islamic Bank Kenya now boasts of seven branches spread across the country, following the latest opening in Nairobi's South C area.

The official unveiling took place on Wednesday, as the bank reaffirmed its commitment to expanding its branch network as part of its continued expansion strategy.

The lender also said the launch reinforces its commitment to providing accessible Shariah-compliant financial solutions in the country.

“This expansion reflects our customer-first approach. We are bringing ethical banking solutions closer to Nairobi's growing business community through both physical and digital channels,” said Mary Kanuku, DIB Bank Kenya acting CEO.

She added that the launch marks the first of the two new branches that were planned for opening this year.

The other one, the Nyali branch in Mombasa, is slated for opening next week, according to Kanuku.

Despite operating in a highly competitive environment and a regulated landscape, DIB Bank Kenya has arguably reached a pivotal milestone, with a turnaround in its returns for the financial year that ended December 2024.

In the period under review, the lender reported a gross profit of Sh103.4 million, a turnaround from a Sh256 million loss in 2023, representing a 140 per cent year-on-year increase.

It attributed the growth to increasing customer confidence in Shariah-compliant banking and a steady expansion of its balance sheet.

The balance sheet grew by nine per cent to Sh28.8 billion, driven by higher customer deposits.

Kanuku reiterated that the success extends across all segments, including the non-funded income, reflecting the growing trust from customers.

Forging ahead with its growth plans, the lender announced that it is working on a few initiatives to enhance customer experience and convenience.

Firstly, the lender said it has overhauled the corporate internet banking to provide customers with enhanced security, efficiency and user experience.

Secondly, it highlighted that it is in the final stages of rolling out the omnichannel system, a digital platform where customers can access banking services on their personal computers and phones.

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Nevertheless, it noted that it is soon launching the Care Tax Payment System to all its customers.

The system intends to allow customers a wide range of tax remittance services, including income tax, advance tax, rental income tax, value added tax, directly from their accounts.

DIB Bank Kenya is a wholly owned subsidiary of Dubai Islamic Bank PJSC, the largest Islamic bank in the United Arab Emirates (UAE).

Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full-service Islamic bank and among the largest Islamic banks in the world.

The Group's assets have reached $90 billion (Sh11.7 trillion) with a market capitalisation of more than $14 billion (Sh1.8 trillion).

The group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa.