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Dubai Islamic Bank opens fourth branch in Eastleigh

DIB Kenya board director Michael Murphy
DIB Kenya board director Michael Murphy (left), Kamukunji MP Yusuf Hassan Abdi (centre) and chief executive Peter Makau cut the ribbon to officially open the Dubai Islamic Bank Kenya Eastleigh branch. PHOTO | COURTESY 

Dubai Islamic Bank (DIB) has opened a new branch in Eastleigh, Nairobi in an expansion strategy geared at bringing banking services to the doorsteps of its customers.

The bank, which offers exclusively Shariah banking services says the branch is located at Mega Plaza Shopping Mall along Eastleigh First Avenue Street.

It will be the bank’s third branch in Nairobi and the fourth outlet to be opened by the bank countrywide.

“We are committed to delivering excellent services to our customers in a convenient manner by taking our banking services closer to our customers and hence the official launch of our Eastleigh branch today.” said DIB Bank Kenya chief executive Peter Makau in a statement Tuesday.

Mr Makau said the new branch will help the bank reach out to its clients mainly composed of commercial Enterprises, Small and Medium Enterprises and Individual customers.

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The bank, he said will increased the choice of Shariah banking services to the Eastleigh community.

It will be opened between 8:30am-4:30pm Monday to Friday and between 9:00am-1:00pm on Saturdays.

“The expansion will entail a combination of branches expansion, strategic partnerships and diversification of product range leveraging on technology to meet growing customer needs,” he said.

DIB narrowed its half-year losses by 11 percent to Sh403 million loss in the first six months of this year.

Increase in revenues was outpaced by rise in costs to meet expenses in staff and provision for bad loans even as the lender seek to entrench its foot prints in the Kenyan market.

The fully fledged Islamic bank's income from lending increased from Sh42million to Sh148 million (interest income).

Despite the rise fees and commissions declined from Sh26 million to Sh18 million.

To date, the bank has four branches countrywide, however there are plans to open one more branch in Mombasa in the next two weeks.

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