Absa Bank Kenya opens flagship La Riba Branch at BBS Mall, Eastleigh

Absa Bank Kenya has inaugurated a new branch at Business Bay Square (BBS) Mall in Eastleigh, Nairobi, marking it as the flagship La Riba centre catering to customers in the area.

The event was attended by notable figures such as Kamukunji Member of Parliament Yusuf Hassan, Absa Bank CEO Abdi Mohamed, Sheikh Hammad Kassim, BBS Mall CEO Munir Ahmed, Head of La Riba Banking Hemed Hassan, Starehe Member of Parliament Amos Mwago, Balambala MP Abdi Shurie, Eastleigh North MCA Ahmad Dabar, Dagoretti North MP Beatrice Elachi, and other dignitaries.

Absa Bank Kenya Managing Director Abdi Mohamed said the opening of the BBS La Riba branch was prompted by customer feedback requesting additional banking services to support the growing number of clients who adhere to the Islamic faith.

The new branch offers a range of services including transactional accounts, savings accounts, Mudharabah deposit accounts, and Shari’ah-compliant investments, alongside financial advisory services.

“We have been active in this space but now, we aim to expand our distribution network to meet our current and desired needs of our customers where and how they best prefer. We are therefore proud to continue playing a part in supporting business growth in Eastleigh and, by extension, Nairobi. The community here is well known for its business prowess, and we take this warm invitation to be their trusted financial partner," Abdi said.

ABSA Bank officially opens its flagship La Riba branch at the BBS Mall, Eastleigh.(Photo: X/ Absa Bank Kenya)

He emphasised the bank's pioneering history in Islamic Banking in Kenya, dating back to its introduction of a Shariah-compliant product in 2005, aimed at meeting the needs of customers seeking financial products compliant with Shariah principles.

He added that the decision to open the new branch was driven by the thriving business community in Eastleigh, which has established itself as the primary commercial centre of Nairobi’s Eastlands area, hosting over 50 malls and attracting thousands of customers daily.

"It is estimated that Eastleigh is today home to more than 50 malls that host thousands of formal and informal traders dealing in a wide range of commodities, including electronics, clothing, and foodstuff," he said.

"Eastleigh attracts tens of thousands of customers every day, with weekends being a peak business period. It was for this reason that Absa was the first bank in Eastleigh to open on Sundays."

He reiterated that the branch is open to customers of all faiths and will serve everyone irrespective of their faith.

Kamukunji MP Yusuf Hassan expressed his delight at Absa Bank's presence in Eastleigh, highlighting the opportunity for growth and progress in the area. He commended the establishment of the La Riba branch adhering to the principles of financial Islam and praised the bank's CEO, who is a member of the community.

“I believe your presence here will grow the Eastleigh community and will also thrive in businesses. I'm sure this will be a win-win situation as we grow together,” Yusuf said.

Dignitaries at the official opening of La Riba branch at the BBS Mall, Eastleigh.(Photo: X/ Absa Bank Kenya)

He assured that he will create an enabling environment for businesses to continue growing and soaring high.

“I can assure you that as members of Parliament, we will work to make sure this neighbourhood has the facilities, roles, security and things that will make it better,” he said.

As part of its commitment to serving La Riba customers, Absa introduced a new unsecured personal lending product (Tawarruq) and La Riba structured investment notes to support customers in making Shariah-compliant investments.

BBS Mall is one of Kenya's largest shopping malls located in the commercial area of Eastleigh, Nairobi.