Tagged: Kenya

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>
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<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>
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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>
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<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>
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Standard Chartered to launch Islamic banking in Kenya, Indonesia

Standard Chartered to launch Islamic banking in Kenya, Indonesia

<p>Standard Chartered Plc will start offering Islamic banking in Kenya as a springboard into the rest of Africa, Wasim Saifi, its global head of Islamic consumer banking said. Moreover, it may expand services in Indonesia. He said the bank would offer the services through its Islamic banking brand, Standard Chartered Saadiq, targeting the country&rsquo;s official Muslim population of 4 million people, as well as non-Muslims. The new products will first be launched in Kenya, then in other countries in east Africa and west Africa, as well as further afield. Especially Indonesia is interesting to the bank because Islamic finance is set to triple or quadruple in the next five-ten years in the country. Standard Chartered currently offers Islamic banking in Indonesia through associate Bank Permata</p>
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<p><a href="http://www.euronews.com/business-newswires/2016068-standard-chartered-to-launch-islamic-banking-in-kenya-indonesia/" title="http://www.euronews.com/business-newswires/2016068-standard-chartered-to-launch-islamic-banking-in-kenya-indonesia/">http://www.euronews.com/business-newswires/2016068-standard-chartered-to…</a></p>
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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>
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<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>
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Takaful: TIA to expand operations in East Africa

Takaful: TIA to expand operations in East Africa

Kenya’s only Shariah-compliant insurer Takaful Insurance of Africa Ltd (TIA) plans to expand its operations into five East African nations, according to its Chief Executive Officer Hassan Bashir. Under TIA’s five-year plan it will expand into Ethiopia, Tanzania, Uganda, Somalia and the autonomously governed enclave of Somaliland, where it was granted a license this year. CIC Insurance Group (CIC) is one of the largest investors in TIA with about 22 percent, while four investment companies also have stakes. In Kenya, TIA has four outlets and 80 agents in Nairobi and Mombasa. The company plans to add at least two more outlets this year and double the number of agents, Bashir said.

Kenya’s Sole Shariah-Compliant Insurer to Expand in Region

Kenya’s Sole Shariah-Compliant Insurer to Expand in Region

Takaful Insurance of Africa Ltd. plans to expand its operations into Ethiopia, Tanzania, Uganda, Somalia and the autonomously governed enclave of Somaliland under its five-year plan 2013-2017. In Kenya, Takaful Insurance has four outlets and 80 agents in Nairobi and Mombasa. The company plans to add at least two more outlets this year and double the number of agents, according to its CEO Hassan Bashir. Takaful’s premiums totaled 430 million shillings last year.

Takaful seeks to diversify product range

Takaful seeks to diversify product range

Takaful Insurance of Africa is banking on product diversification and opening of more shops to establish itself better in the region. The insurer has already acquired an operating licence from the Retirement Benefits Authority to start a Shariah-compli…

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).