Premier Bank Kenya Explained

Premier Bank Limited
Type:Private
Foundation:2007
Location:Nairobi, Kenya
Key People:Sheikh Mohamed Mbaye
Chairman
Hussein Hassan
Chief Executive Officer
Num Employees:605
Parent:Premier Bank
Assets:US$130.85 million (KES:11.305 billion) (2013)
Revenue:Aftertax:US$1.518 million (KES:131.202 million) (2013)
Industry:Financial services
Products:Checking, savings, financing, investments, debit cards

Premier Bank, formally First Community Bank (FCB), is a Shari'ah compliant commercial bank in Kenya, the largest economy in the East African Community. The bank received a formal approval from the Central Bank of Kenya in 2007, the national banking regulator in the country but commenced its official operations on 1 June 2008.[1]

Overview

, the bank's total assets were valued at about US$187.62 million (KES:18.762 billion), with shareholders' equity of about US$14 million (KES:1.46 billion), and customer deposits of US$161 million (KES:16.126 billion).[2] At that time, the bank was ranked number 21, by assets, out of 43 licensed banks in Kenya then.

History

Premier Bank was established in 2007 as First Community Bank (FCB) to operate according to Islamic Shari'ah law by private Muslim investors in Kuwait, Kenya and Tanzania.[3] The bank received a Kenyan commercial banking license the same year, and officially started operations in June 2008. The FCB is the first Kenya-based fully fledged bank to operate according to the laws of Shari'ah. Since the founding of First Community Bank, other Sharia compliant banks such as Gulf African Bank (GAB), Dubai Islamic Bank (DIB) and several Islamic windows operating under conversational banks have also received commercial licenses from the Central Bank of Kenya.[4] [5]

Subsidiaries

The bank's first subsidiary is FCB Takful Insurance Broker, in which it maintains 100% shareholding. The insurance brokerage was established in 2010.[6] The bank also owns a second subsidiary, FCB Capital Limited, the first Sharia-compliant Investment capital in Kenya, wholly owned by First Community Bank.[7]

Branch network

, the bank maintains a network of branches at the following locations:[8]

  1. Wabera Street Branch - Prudential Assurance Building, 1st Floor, Wing B, Wabera Street, Nairobi
  2. Eastleigh Branch I - United Textile Centre, 1st Floor, First Avenue, Eastleigh, Nairobi
  3. Eastleigh Branch II - General Warungu Street, Opposite Kilimanjaro Food Court, Eastleigh, Nairobi
  4. Industrial Area Branch - Enterprise Road, Volvo Showroom, Nairobi
  5. Kimathi Branch - Jamia plaza, Kimathi street Jamia Mosque, Nairobi
  6. Westlands Branch - Mpaka Plaza, Mpaka Road, Westlands, Nairobi
  7. South C Branch - South C Shopping Center, Muhoho Avenue, Nairobi
  8. Garissa Branch - Bajweed Building, Off Kismayu Road, Garissa
  9. Lunga Lunga Branch - Lunga Lunga Business Centre, 1st Floor, Lunga Lunga Road, Nairobi
  10. Kisumu Branch - Wedco Centre, Oginga Odinga Road, Kisumu
  11. Nakuru Branch - Merika Building, Ground Floor,Kenyatta avenue, Nakuru
  12. Malindi Branch - Malindi Shopping Complex, Lamu Road, Malindi
  13. Mombasa Branch I - Shah Mansion Building, Digo Road, Mombasa
  14. Mombasa Branch II - Imara Building, Digo Road, Mombasa
  15. Moyale Branch - Shariff Guest House, Moyale
  16. Wajir Branch - Wajir Town, Garissa Mandera Road next to Kilimanjaro Hotel, Wajir
  17. Head Office, Mihrab Branch - FCB Mihrab Building, Lenana Road/Ring Road Kilimani Nairobi
  18. Isiolo Branch- White House Building, Isiolo-Moyale Highway, Isiolo

See also

External links

Notes and References

  1. Web site: Directory of Commercial Banks And Mortgage Finance Companies. 9 August 2014. Central Bank of Kenya (CBK).
  2. Web site: 31 March 2020. First Community Bank. Audited 31 December 2019 Financial Statement. 2020.
  3. Web site: Kenya's First Islamic Bank Steps Up Staff Recruitment. 8 July 2014. 9 August 2014. Muslim-Investor.Com.
  4. Web site: Islamic Banking Revolution: Africa Is Seeing An Explosion In Banks Looking To Cash In On Continent's Growing Muslim Population. Harress. Christopher. 26 September 2013. International Business Times. New York. 10 August 2014.
  5. Web site: Kenyan Islamic Bank Gulf Says Swings To Q1 Profit. 3 June 2010. 10 August 2014. Thomson Reuters.
  6. Web site: Islamic Re-Insurance To Be Unveiled This Year. 24 January 2014. Peter. Kiragu. 10 August 2014. The Star. Nairobi. https://web.archive.org/web/20140810093356/http://ads.the-star.co.ke/news/article-152206/islamic-re-insurance-be-unveiled-year. 10 August 2014. dead.
  7. Web site: 10 August 2014. Profile of FCB Capital Limited. First Community Bank of Kenya. https://web.archive.org/web/20140817061809/http://www.firstcommunitybank.co.ke/index.php?option=com_content&view=article&id=66&Itemid=133. 17 August 2014. dead.
  8. Web site: The Branch Network of First Community Bank. First Community Bank Limited. 31 March 2020. https://web.archive.org/web/20140817061659/http://www.firstcommunitybank.co.ke/index.php?option=com_content&view=article&id=82&Itemid=149. 17 August 2014. dead.

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