Tagged: Gulf African Bank

Gulf Bank pegs listing plan on IFC exit

Gulf Bank pegs listing plan on IFC exit

<p>Gulf African Bank has tied its public listing plans to the exit of International Finance Corporation (IFC) from its shareholders&rsquo; roll. IFC bought a 15 per cent stake in the bank for $5 million (Sh430 million) last year, which valued it at about $33.33 million (Sh2.86 billion) at the time. Chief executive of Gulf Bank Abdalla Abdulkhalik said IFC plans to exit through a public share sale. The IPO is also expected to raise additional capital for the lender. However, no timeframe has been set. Going by the IFC&rsquo;s investment horizon the public could get a chance to buy into the lender by 2017. IFC&rsquo;s policy is to invest in firms for between five and seven years. Gulf Bank's total assets stood at Sh13.56 billion as at the end of 2012, up from Sh5 billion as at the end of 2008.</p>
<div>
<div>Source:&nbsp;</div>
<div>
<div>
<p><a href="http://www.businessdailyafrica.com/Gulf-Bank-pegs-listing-plan-on-IFC-exit/-/539552/1907882/-/l00qetz/-/index.html" title="http://www.businessdailyafrica.com/Gulf-Bank-pegs-listing-plan-on-IFC-exit/-/539552/1907882/-/l00qetz/-/index.html">http://www.businessdailyafrica.com/Gulf-Bank-pegs-listing-plan-on-IFC-ex…</a></p>
</div>
</div>
</div>
<div>
<a href="http://www.facebook.com/plugins/like.php?href=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5401&amp;layout=button_count&amp;show_faces=false&amp;action=like&amp;colorscheme=light&amp;width=100&amp;height=21&amp;font=&amp;locale=" title="I Like it" rel="nofollow" target="_blank"><span>Facebook Like</span></a> <a href="http://www.islamicfinance.de/?q=node/5401" title="Plus it" rel="nofollow" target="_blank"><span>Google Plus One</span></a> <a href="http://twitter.com/share?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5401&amp;count=horizontal&amp;via=&amp;text=Gulf%20Bank%20pegs%20listing%20plan%20on%20IFC%20exit%20&amp;counturl=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5401" title="Tweet This" rel="nofollow" target="_blank"><span>Tweet Widget</span></a> <a href="http://www.islamicfinance.de/?q=node/5401" title="Share on Linkedin" rel="nofollow" target="_blank"><span>Linkedin Share Button</span></a> <a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5401&amp;t=Gulf+Bank+pegs+listing+plan+on+IFC+exit+" title="Share on Facebook." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/facebook.png" alt="Facebook" title="" width="16" height="16"></a> <a href="http://www.google.com/bookmarks/mark?op=add&amp;bkmk=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5401&amp;title=Gulf+Bank+pegs+listing+plan+on+IFC+exit+" title="Bookmark this post on Google." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/google.png" alt="Google" title="" width="16" height="16"></a> <a href="http://bookmarks.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5401&amp;t=Gulf+Bank+pegs+listing+plan+on+IFC+exit+" title="Bookmark this post on Yahoo." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/yahoo.png" alt="Yahoo" title="" width="16" height="16"></a> <a href="http://del.icio.us/post?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5401&amp;title=Gulf+Bank+pegs+listing+plan+on+IFC+exit+" title="Bookmark this post on del.icio.us." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/delicious.png" alt="del.icio.us" title="" width="16" height="16"></a> <a href="http://www.linkedin.com/shareArticle?mini=true&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5401&amp;title=Gulf+Bank+pegs+listing+plan+on+IFC+exit+&amp;summary=Gulf+African+Bank+has+tied+its+public+listing+plans+to+the+exit+of+International+Finance+Corporation+%28IFC%29+from+its+shareholders%E2%80%99+roll.+IFC+bought+a+15+per+cent+stake+in+the+bank+for+%245+million+%28Sh430+million%29+last+year%2C+which+valued+it+at+about+%2433.33+million+%28Sh2.86+billion%29+at+the+time.+Chief+executive+of+Gulf+Bank+Abdalla+Abdulkhalik+said+IFC+plans+to+exit+through+a+public+share+sale.+The+IPO+is+also+expected+to+raise+additional+capital+for+the+lender.+However%2C+no+timeframe+has+been+set.+Going+by+the+IFC%E2%80%99s+investment+horizon+the+public+could+get+a+chance+to+buy+into+the+lender+by+2017.+IFC%E2%80%99s+policy+is+to+invest+in+firms+for+between+five+and+seven+years.+Gulf+Bank%27s+total+assets+stood+at+Sh13.56+billion+as+at+the+end+of+2012%2C+up+from+Sh5+billion+as+at+the+end+of+2008.%0A&amp;source=IslamicFinance.de" title="Publish this post to LinkedIn" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/linkedin.png" alt="LinkedIn" title="" width="16" height="16"></a> <a href="http://digg.com/submit?phase=2&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5401&amp;title=Gulf+Bank+pegs+listing+plan+on+IFC+exit+" title="Digg this post on digg.com" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/digg.png" alt="Digg" title="" width="16" height="16"></a>
</div>

IFC Acquires 15% Stake In Gulf African Bank For $5m

IFC Acquires 15% Stake In Gulf African Bank For $5m

<p>The International Finance Corporation (IFC) &ndash; the investment arm of the World Bank &ndash; has acquired 15 percent shareholding in Gulf African Bank, Kenya's Islamic bank, for $5 million (Sh425 million). In addition, a further $3 million (Sh255 million) trade guarantee has been opened for Gulf African Bank under IFC&rsquo;s global trade finance programme. Gulf African Bank said it would use IFC&rsquo;s financing to boost finance for retail and corporate customers and develop programmes for women entrepreneurs while also extending services to SMEs. In addition to the IFC partnership, the bank is undertaking a rights issue to increase its capital base by an additional Sh850 million.</p>
<div>
<div>Source:&nbsp;</div>
<div>
<div>
<p><a href="http://www.ventures-africa.com/2013/03/ifc-acquires-15-stake-in-kenyan-islamic-bank-for-5m/" title="http://www.ventures-africa.com/2013/03/ifc-acquires-15-stake-in-kenyan-islamic-bank-for-5m/">http://www.ventures-africa.com/2013/03/ifc-acquires-15-stake-in-kenyan-i…</a></p>
</div>
</div>
</div>
<div>
<a href="http://www.facebook.com/plugins/like.php?href=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5374&amp;layout=button_count&amp;show_faces=false&amp;action=like&amp;colorscheme=light&amp;width=100&amp;height=21&amp;font=&amp;locale=" title="I Like it" rel="nofollow" target="_blank"><span>Facebook Like</span></a> <a href="http://www.islamicfinance.de/?q=node/5374" title="Plus it" rel="nofollow" target="_blank"><span>Google Plus One</span></a> <a href="http://twitter.com/share?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5374&amp;count=horizontal&amp;via=&amp;text=IFC%20Acquires%2015%25%20Stake%20In%20Gulf%20African%20Bank%20For%20%245m&amp;counturl=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5374" title="Tweet This" rel="nofollow" target="_blank"><span>Tweet Widget</span></a> <a href="http://www.islamicfinance.de/?q=node/5374" title="Share on Linkedin" rel="nofollow" target="_blank"><span>Linkedin Share Button</span></a> <a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5374&amp;t=IFC+Acquires+15%25+Stake+In+Gulf+African+Bank+For+%245m" title="Share on Facebook." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/facebook.png" alt="Facebook" title="" width="16" height="16"></a> <a href="http://www.google.com/bookmarks/mark?op=add&amp;bkmk=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5374&amp;title=IFC+Acquires+15%25+Stake+In+Gulf+African+Bank+For+%245m" title="Bookmark this post on Google." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/google.png" alt="Google" title="" width="16" height="16"></a> <a href="http://bookmarks.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5374&amp;t=IFC+Acquires+15%25+Stake+In+Gulf+African+Bank+For+%245m" title="Bookmark this post on Yahoo." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/yahoo.png" alt="Yahoo" title="" width="16" height="16"></a> <a href="http://del.icio.us/post?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5374&amp;title=IFC+Acquires+15%25+Stake+In+Gulf+African+Bank+For+%245m" title="Bookmark this post on del.icio.us." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/delicious.png" alt="del.icio.us" title="" width="16" height="16"></a> <a href="http://www.linkedin.com/shareArticle?mini=true&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5374&amp;title=IFC+Acquires+15%25+Stake+In+Gulf+African+Bank+For+%245m&amp;summary=The+International+Finance+Corporation+%28IFC%29+%E2%80%93+the+investment+arm+of+the+World+Bank+%E2%80%93+has+acquired+15+percent+shareholding+in+Gulf+African+Bank%2C+Kenya%27s+Islamic+bank%2C+for+%245+million+%28Sh425+million%29.+In+addition%2C+a+further+%243+million+%28Sh255+million%29+trade+guarantee+has+been+opened+for+Gulf+African+Bank+under+IFC%E2%80%99s+global+trade+finance+programme.+Gulf+African+Bank+said+it+would+use+IFC%E2%80%99s+financing+to+boost+finance+for+retail+and+corporate+customers+and+develop+programmes+for+women+entrepreneurs+while+also+extending+services+to+SMEs.++In+addition+to+the+IFC+partnership%2C+the+bank+is+undertaking+a+rights+issue+to+increase+its+capital+base+by+an+additional+Sh850+million.%0A&amp;source=IslamicFinance.de" title="Publish this post to LinkedIn" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/linkedin.png" alt="LinkedIn" title="" width="16" height="16"></a> <a href="http://digg.com/submit?phase=2&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5374&amp;title=IFC+Acquires+15%25+Stake+In+Gulf+African+Bank+For+%245m" title="Digg this post on digg.com" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/digg.png" alt="Digg" title="" width="16" height="16"></a>
</div>

MICROCAPITAL BRIEF: Kenya-based Gulf African Bank, African Guarantee Fund Partner to Lend $1.2m to Small, Medium-Sized Businesses

MICROCAPITAL BRIEF: Kenya-based Gulf African Bank, African Guarantee Fund Partner to Lend $1.2m to Small, Medium-Sized Businesses

<p>The African Guarantee Fund (AGF), reportedly has agreed to guarantee an unspecified portion of KES 100 million (USD 1.2 million) to be loaned by Gulf African Bank (GAB) to SMEs in Kenya. After the signing of the agreement, GAB Managing Director Asad Ahmed reportedly expressed his belief that the deal will help to increase the bank&rsquo;s financing and risk management capabilities. AGF was established in Kenya in June 2012 with initial capital sufficient to issue partial guarantees of loans totaling USD 50 million. AGF has branches in nine African countries as of March 2013. As of March 2011, GAB had total assets of KES 9.6 billion (USD 112.3 million) and customer deposits of KES 8.2 billion (USD 96 million).</p>
<div>
<div>Source:&nbsp;</div>
<div>
<div>
<p><a href="http://www.microcapital.org/microcapital-brief-kenya-based-gulf-african-bank-african-guarantee-fund-partner-to-lend-1-2m-to-small-medium-sized-businesses/" title="http://www.microcapital.org/microcapital-brief-kenya-based-gulf-african-bank-african-guarantee-fund-partner-to-lend-1-2m-to-small-medium-sized-businesses/">http://www.microcapital.org/microcapital-brief-kenya-based-gulf-african-…</a></p>
</div>
</div>
</div>
<div>
<a href="http://www.facebook.com/plugins/like.php?href=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5211&amp;layout=button_count&amp;show_faces=false&amp;action=like&amp;colorscheme=light&amp;width=100&amp;height=21&amp;font=&amp;locale=" title="I Like it" rel="nofollow" target="_blank"><span>Facebook Like</span></a> <a href="http://www.islamicfinance.de/?q=node/5211" title="Plus it" rel="nofollow" target="_blank"><span>Google Plus One</span></a> <a href="http://twitter.com/share?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5211&amp;count=horizontal&amp;via=&amp;text=MICROCAPITAL%20BRIEF%3A%20Kenya-based%20Gulf%20African%20Bank%2C%20African%20Guarantee%20Fund%20Partner%20to%20Lend%20%241.2m%20to%20Small%2C%20Medium-Sized%20Businesses&amp;counturl=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5211" title="Tweet This" rel="nofollow" target="_blank"><span>Tweet Widget</span></a> <a href="http://www.islamicfinance.de/?q=node/5211" title="Share on Linkedin" rel="nofollow" target="_blank"><span>Linkedin Share Button</span></a> <a href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5211&amp;t=MICROCAPITAL+BRIEF%3A+Kenya-based+Gulf+African+Bank%2C+African+Guarantee+Fund+Partner+to+Lend+%241.2m+to+Small%2C+Medium-Sized+Businesses" title="Share on Facebook." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/facebook.png" alt="Facebook" title="" width="16" height="16"></a> <a href="http://www.google.com/bookmarks/mark?op=add&amp;bkmk=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5211&amp;title=MICROCAPITAL+BRIEF%3A+Kenya-based+Gulf+African+Bank%2C+African+Guarantee+Fund+Partner+to+Lend+%241.2m+to+Small%2C+Medium-Sized+Businesses" title="Bookmark this post on Google." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/google.png" alt="Google" title="" width="16" height="16"></a> <a href="http://bookmarks.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5211&amp;t=MICROCAPITAL+BRIEF%3A+Kenya-based+Gulf+African+Bank%2C+African+Guarantee+Fund+Partner+to+Lend+%241.2m+to+Small%2C+Medium-Sized+Businesses" title="Bookmark this post on Yahoo." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/yahoo.png" alt="Yahoo" title="" width="16" height="16"></a> <a href="http://del.icio.us/post?url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5211&amp;title=MICROCAPITAL+BRIEF%3A+Kenya-based+Gulf+African+Bank%2C+African+Guarantee+Fund+Partner+to+Lend+%241.2m+to+Small%2C+Medium-Sized+Businesses" title="Bookmark this post on del.icio.us." rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/delicious.png" alt="del.icio.us" title="" width="16" height="16"></a> <a href="http://www.linkedin.com/shareArticle?mini=true&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5211&amp;title=MICROCAPITAL+BRIEF%3A+Kenya-based+Gulf+African+Bank%2C+African+Guarantee+Fund+Partner+to+Lend+%241.2m+to+Small%2C+Medium-Sized+Businesses&amp;summary=The+African+Guarantee+Fund+%28AGF%29%2C+reportedly+has+agreed+to+guarantee+an+unspecified+portion+of+KES+100+million+%28USD+1.2+million%29+to+be+loaned+by+Gulf+African+Bank+%28GAB%29+to+SMEs+in+Kenya.+After+the+signing+of+the+agreement%2C+GAB+Managing+Director+Asad+Ahmed+reportedly+expressed+his+belief+that+the+deal+will+help+to+increase+the+bank%E2%80%99s+financing+and+risk+management+capabilities.+AGF+was+established+in+Kenya+in+June+2012+with+initial+capital+sufficient+to+issue+partial+guarantees+of+loans+totaling+USD+50+million.+AGF+has+branches+in+nine+African+countries+as+of+March+2013.+As+of+March+2011%2C+GAB+had+total+assets+of+KES+9.6+billion+%28USD+112.3+million%29+and+customer+deposits+of+KES+8.2+billion+%28USD+96+million%29.%0A&amp;source=IslamicFinance.de" title="Publish this post to LinkedIn" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/linkedin.png" alt="LinkedIn" title="" width="16" height="16"></a> <a href="http://digg.com/submit?phase=2&amp;url=http%3A%2F%2Fwww.islamicfinance.de%2F%3Fq%3Dnode%2F5211&amp;title=MICROCAPITAL+BRIEF%3A+Kenya-based+Gulf+African+Bank%2C+African+Guarantee+Fund+Partner+to+Lend+%241.2m+to+Small%2C+Medium-Sized+Businesses" title="Digg this post on digg.com" rel="nofollow" target="_blank"><img src="http://www.islamicfinance.de/sites/default/modules/service_links/images/digg.png" alt="Digg" title="" width="16" height="16"></a>
</div>

Islamic banks break even and post growth in profit

Islamic banks break even and post growth in profit

The two Islamic banks in Kenya posted growth in their profits last year as the faith-based banking concept becomes entrenched in the country’s financial sector. Gulf African Bank and First Community Bank were able to break even in a fairly short time — Gulf African in two years and First Community in three years. Last year, Gulf African registered 154 per cent after-tax profit growth to Sh242 million. First Community Bank, on its part, recorded 239 per cent growth in profit-after-tax to Sh241.3 million last year. According to the Central Bank, by December 31, 2010, the two Islamic finance banks collectively commanded 0.9 per cent of the banking sector net loans and advances of $115 million (Sh9.7 billion) and deposits of $171 million (14.5 billion).

IFC Makes First Islamic Finance Investment in Sub-Saharan Africa

IFC Makes First Islamic Finance Investment in Sub-Saharan Africa

IFC has announced the investment of $5 million equity in Gulf African Bank, one of Kenya’s two Islamic Banks. The bank will use IFC’s financing to increase finance for retail and corporate customers, develop programs for women entrepreneurs and extend more services to small and medium businesses. Jamal Al Hazeem, Chairman of Gulf African Bank, welcomed IFC’s decision to take up a 15% shareholding stake in Gulf African Bank. In addition to the equity investment, a further $3 million trade line will be made available to Gulf African Bank under IFC’s Global Trade Finance Program.

Operations Risk Manager

Operations Risk Manager

Reporting to the Head of Risk and Compliance, the successful candidate will identify measure and analyze the various enterprise-wide operations risks that the Bank faces and formulate strategies on how to mitigate and minimize the risk exposures.

DB expands Kenya product range

DB expands Kenya product range

Dubai Bank Kenya has launched two Shari’ah compliant accounts, one aimed at low income earners, the other at higher income earners as it looks to satisfy the insatiable request for Islamic banking products in Kenya.
Dubai Bank is among around half a …

East Africa turns to Tawarruq

East Africa turns to Tawarruq

The awash with Tawarruq deals as Islamic finance institutions, starvation of wealth creating opportunities and liquidity in the local market will allow East Africa to transact with the conventional financial sector.
Kenya’s two existing Islamic banks, …

Investor interest in Sharia-linked products grows

Investor interest in Sharia-linked products grows

Investors are showing increasing interest in offering Sharia-compliant financial services in the Kenyan market. The two Islamic banks, First Community and Gulf African Bank, last week said they had acquired regulatory licenses to roll out takaful — I…