A new branch of DIB Bank Kenya, a division of Dubai Islamic Bank, has opened in a well-known mall in Nairobi. This location will act as a resource center for clients looking for trade financing between Kenya and the United Arab Emirates (UAE).
The busy Sarit Centre mall was chosen by the Shariah-compliant lender since it aims to enhance lending to small and medium-sized businesses that are in need of capital.
The branch that was formerly in a close location has been replaced with the new one. According to DIB, because its parent company's headquarters are in the UAE, it is well-positioned to negotiate commercial agreements between Nairobi and Dubai.
"We are confident that we will be able to better serve our existing and potential customers and continue to strengthen our presence in the market," said Rose Kagucia, acting CEO of DIB Bank Kenya.
"Shariah banking is quickly gaining popularity in the nation, and this branch will act as a resource center for clients."
Khalifa Al Rayssi, the charge d'affaires at the UAE embassy in Kenya, asserted that DIB and other participants in the financial sector play a significant role in fostering economic ties between Kenya and the UAE.
"The economic, commercial, and financial ties between Kenya and the UAE are quite promising for both countries. The presence of UAE banks in Kenya has facilitated deeper economic integration between the two countries and improved access to financial services, according to him.
The Comprehensive Economic Partnership Agreement (CEPA) negotiations proposed by the UAE and Kenya are the first of their kind between a Gulf Arab state and an African nation, according to WAM, the state news agency of the UAE.
According to WAM, such an agreement will increase the value of bilateral non-oil commerce between the UAE and Kenya, which increased to 2.3 billion USD in 2021. The UAE and Kenya hope to abolish trade restrictions on a variety of goods and services under the CEPA.