Premier Bank Kenya Celebrates the Grand Opening of Baraka Bazaar Branch in Eastleigh, Nairobi

Nairobi, Kenya – Thursday 30th November 2023

Premier Bank Kenya is elated to announce the opening of the Baraka Bazaar branch in Eastleigh, a vibrant business hub in Nairobi-Kenya. This expansion is in line with the bank’s
commitment to provide accessible, Shari’ah compliant banking services to the growing Kenyan economy.

Speaking at the launch, Mr. Osman Duale, CEO Premier Bank Kenya, expressed his enthusiasm for the expansion. ‘’We are proud to play a part in supporting growth in Eastleigh and by extension, Nairobi. The community here is well known for its business prowess and we take this warm invitation to partner with you with great responsibility. We are dedicated to championing new beginnings in Islamic banking by providing innovative, digital-forward banking solutions to our customers.’’

In his address, Mr. Osman brought to light the growing demand for Islamic banking products; emphasizing the benefits of Islamic banking in supporting long-term investments. ‘’In the dynamic landscape of funding enterprises in Africa, a prevailing challenge lies in the prohibitive cost of capital, which often hinders the growth and development of businesses. Conventional financing models, characterized by interest-based structures, can pose significant barriers, particularly for entrepreneurs and businesses in the early stages of development. Recognizing this challenge, there is a growing realization that Islamic banking offers a more robust and sustainable means of accessing finance in the African context. By embracing risk-sharing, equitable wealth distribution, and asset-backed financing, Islamic banking addresses the cost of capital concern while providing a conducive environment for fostering long-term economic sustainability. At Premier Bank, we are keen to lead this transformative future by championing innovative ethical banking solutions to our customers.’’

He acknowledged the recent admission of Somalia into the East African Community as a welcome move to expand trade and spur economic growth across the region. Branch Manager, Mohamed Anshur, provided insights into the unique features of Baraka branch, showcasing state-of-the-art facilities and personalised services available to customers. “We are excited to serve the business community here in Eastleigh with Islamic banking and financial solutions to support both their business and personal needs as we continue to contribute towards the growth and development of the Kenyan economy.”

Earlier this year, Premier Bank Somalia, a leading financial institution in the region acquired a majority stake (62.5%) in First Community Bank Kenya,an Islamic bank serving corporate, SME and retail clients in Kenya. This strategic acquisition reinforced Premier Bank’s commitment to expanding its services and influence in Eastern Africa, as well as fostering trade and economic growth in the region.

With a vision to be the premier, customer-centric and innovative Shari’ah compliant bank for Africa and beyond, the bank’s focus lies in digital innovation, financial inclusion, and unwavering customer-centricity. Since the acquisition, Premier Bank has successfully rebranded all its branches nationally. Customers can now access services at any of the bank’s 20 branches; including through mobile banking and internet banking channels.

For media inquiries or further information, please contact:

Marolyne Adalla

Marketing & Communications – Lead

Premier Bank Kenya

madalla@premierbank.ke

+254 728 778314

About Premier Bank:

Premier Bank is a leading Islamic banking institution dedicated to delivering innovative financial solutions that cater to the unique needs of individuals and businesses. With a strong emphasis on ethical practices and customer satisfaction, Premier Bank strives to be a driving force for positive change and prosperity across Africa.

For more information about Premier Bank, please visit our website

Media Resources:

● High-resolution images and logos: High Resolution Logos

● Premier Bank’s mission and values: Press Kit.pdf