KENYA – Absa Bank Kenya has opened its 86th branch at the BBS Mall, in the commercial area of Eastleigh, Nairobi as the lender eyes the area’s business community.
The Nairobi Securities Exchange-listed lender Absa is looking to tap into the growing Islamic banking in the country with its new flagship La Riba centre.
The financial institution will roll out tailor-made products for Muslims through Sharia banking. Among the new products are unsecured personal lending solutions (Tawarruq), which target scheme customers working at both county and national governments.
Speaking during the branch opening, Absa Bank Kenya’s Managing Director, Abdi Mohamed, said that customers will have access to transactional accounts, savings accounts, and Mudharabah deposit accounts, as well as access to Shari’ah-compliant investments and financial advisory services, among other offerings.
“We have been active in this space, but now we aim to expand our distribution network to meet the current and desired needs of our customers, wherever and however they prefer,” said Mr. Mohamed.
“We are therefore proud to continue playing a part in supporting business growth in Eastleigh and, by extension, Nairobi. The community here is well known for its business prowess, and we take this warm invitation to be their trusted financial partner.”
Absa also launched Kenya’s first Shariah-compliant structured investment notes in order to close a current market gap.
The notes, which offer offshore exposure and the chance to leverage possible upside profits while guaranteeing capital protection, are intended for elite clients.
“Towards that end, we have also expanded our Shariah Board membership, reflecting our commitment to embracing diversity,” added Mr. Mohamed.
“This independent board now represents a wide range of oversight, perspectives, and expertise, allowing us to better understand our customers and meet their diverse needs responsibly.”
The new branch and product enhancement align with Absa’s current strategy, which aims to transform the bank into a people’s champion fit for modern-day business.
The bank achieves this by benchmarking market offerings against consumer needs, ensuring alignment with present and evolving consumer demands.
Absa Group expands into China
This is the second store in a span of two weeks that the lender has opened after venturing into China, in its global footprint expansion
The non-banking subsidiary, which will be officially launched in May 2024, will offer Chinese clients and stakeholders banking solutions in Africa.
Recently, Absa Bank Kenya re-introduced the China Desk with a target audience of growing Chinese investors and businesspeople operating in Kenya and the East African region.
Absa has pushed ahead with an international expansion strategy since former owner Barclays announced its sale in 2016, ending a 90-year presence in Africa.
It has already opened offices in the United States and Britain and is evaluating its strategy for the Middle East and Asia.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
