Gulf Africa Bank launches latest branch in Eastleigh
Gulf African Bank's Managing Director, Anuj Mediratta (2nd R), Hon Ali Abdi Sirat, a customer and Hon Yusuf Hassan, Kamukunji MP cutting the ribbon to officially launch Gulf African Bank's Eastleigh Main branch at the Business Bay Square Mall. PHOTO | COURTESY
“The bank made the strategic choice to move to BBS mall as a way of enhancing convenience for their customers and bringing services and products closer to customers. Cognisant of the fact that Eastleigh is a cash-rich area, the bank has developed solutions that streamline the collection, disbursement, and reporting of cash flows,” said Mr Anuj Mediratta, Gulf African Bank’s Managing Director who spoke during the opening of the branch on Wednesday.
The branch is equipped with digital infrastructure such as the cash Deposit machine that allows customers to bank cash without the help of a teller.
Gulf African Bank, which was started in 2008, is one of the lenders that offer services compliant with the Shari’ah- a body of religious law that forms part of the Islamic tenets.
It operates within the dictates of Islamic law or Shariah which prohibits interest or riba on loans.
Shariah-compliant banks such as Gulf African work within the principle of risk-sharing where profits and losses from businesses funded are shared as per the ratio agreed with borrowers.
Islamic financing further prioritises lending to ventures considered “ethical and sustainable” with social benefits and prohibits funding speculative activity or those proscribed such as the brewing of alcohol.
Mr Mediratta said the bank has developed a comprehensive suite of financial and non-financial solutions and modelled their products and services to cater to small and medium-sized enterprises (SMEs) in all areas of the economic value chain from wholesalers, supermarkets, general stores, real estate among others.
