Premier Bank Kenya

Summary

Premier Bank, formerly First Community Bank, is a Shari'ah-compliant commercial bank in Kenya; it was approved by the Central Bank of Kenya in 2007 and began operating on 1 June 2008. ¹

Origins

It was established in 2007 by private Muslim investors in Kuwait, Kenya and Tanzania to operate according to Islamic Shari'ah law, and was the first Kenya-based fully fledged bank to do so. ¹ After it, other Sharia-compliant banks, among them Gulf African Bank and Dubai Islamic Bank, received licences from the Central Bank of Kenya. ¹

Subsidiaries and size

In 2010 it set up a wholly owned takaful brokerage, and it owns FCB Capital, Kenya's first Sharia-compliant investment capital firm. ¹ In December 2019 its assets were about US$187.6 million, 21st by assets among 43 banks. ¹

References

English Wikipedia, "Premier Bank Kenya", revision 1377139799. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

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References

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Islamic banks and conventional banks — the difference, the doubts and the performance