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    Dubai Islamic Bank plans arm in Kenya by year’s end

    Dubai Shari'ah-compliant lender receives “in principle approval” from regulators to launch operations in Kenya pending a final license
    January 28, 20153 Mins Read
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    Dubai Islamic Bank (DIB) plans to open a Shari’ah-compliant arm in Kenya by year-end after receiving “in principle approval” from Kenyan regulators this month — marking the first of several planned moves that will see the lender expand across international markets.

    “We have a global agenda, across international businesses and international geographies. It will be there on the horizon but we don’t anticipate that our international businesses will substantially contribute in 2015. There’s a gestation period,” said CEO Adnan Chilwan. Our strategies went through the litmus test in 2014 and I see no reason why 2015 will be any different for us.

    DIB will operate under the name DIB Kenya in the East African country, where the lender will hold a 70% stake in the bank while ceding a 30% to local partners pending its final license.

    The comments came after DIB, the UAE’s largest Shariah-compliant lender, reported a 63% increase in profit in 2014, rising from $462m in 2013 to $762m, while its gross revenue rose by 20% from $1.44bn in 2013 to $1.71bn.

    “Economists looked at 2014 to be a very challenging year for the right reasons, but we’ve grown high double digits. Our strategies went through the litmus test in 2014 and I see no reason why 2015 will be any different for us,” continued Chilwan. Related article Hapag-Lloyd invests in growing East African market

    Transportation and logistics giant capitalises on strong East African performance

    DIB’s assets at the end of 2014 stood at $33.7bn, a figure 9% higher than the previous year and reflecting a higher rate of climb than the UAE economy average of 4% growth.

    Recent weeks also witnessed Saudi-based Islamic Corporation for the Development (ICD) purchase a 40% stake in Dakar-based Tamweel Africa Holding from Turkey’s Islamic Bank Asya.

    The previous year also witnessed the first sukuk in South Africa, a $500m facility that was debuted with the assistance of Kuwait Finance House — a development that was only the third of its kind for a non-Muslim country sukuk listed in the United Kingdom and Hong Kong.

    It has also been noted that in the sukuk market, Africa holds the greatest medium-term potential, with governments and private entities enthusiastic to tap into the Shari’ah-compliant finance mechanism to support a wide range of upcoming infrastructure projects.

    Our strategies went through the litmus test in 2014 and I see no reason why 2015 will be any different for us.

    DIB Kenya Dubai Islamic Bank Infrastructure Islamic Bank Asya Islamic Banking Islamic Corporation for the Development Islamic finance kenya Kuwait Finance House shariah compliant South Africa sukuk Tamweel Africa Holding top stories
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