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 of 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.’’
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.
The Baraka Bazar Branch launch was graced by the area MP Hon. Abdi Yusuf Hassan. In his official remarks, The chief guest acknowledged the critical role that Shari’ah-compliant banks play in the economic growth of the country. “ Eastleigh is a vibrant business hub that contributes significantly to the economy of the country. This branch will be pivotal in offering financial support and inclusion to both business and retail customers, hence elevating them to the next level,” he said.
The Branch Manager, Mohamed Anshur, provided insights into the unique features of the Baraka branch, showcasing state-of-the-art facilities and personalized 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.