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Shake-up on the way with DIB entry into market

The proposed Dubai Islamic Bank headquarters in Nairobi. FILE PHOTO | NMG
The proposed Dubai Islamic Bank headquarters in Nairobi. FILE PHOTO | NMG  NMG

Dubai Islamic Bank’s (DIB) formal entry into the Kenyan market is expected to shake up locally-owned Islamic lenders that have faced little competition in the segment for a decade.

The Central Bank of Kenya (CBK) on Friday opened the door for the bank, which is a fully owned subsidiary of Dubai Islamic Bank into the local market after more than a year of waiting.

Kenya has until now had only two fully-fledged Islamic banks, while five other conventional lenders have been offering Shariah-compliant services and products through “Islamic Windows”.

The CBK said in a statement on Friday that DIB intends to exclusively offer Shariah compliant banking services in Kenya.

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