Gulf African Bank - Press Releases

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Women Entrepreneurship & Networking Workshop

Participants Discuss Financial Management for Women in Business Nairobi, 28th April, 2016 - Gulf African Bank, Kenya’s premier Shari’ah compliant bank, today held a financial management forum for women entrepreneurs in Nairobi Kenya.The conference, organized in partnership with International Finance Corporation (IFC), brought together women in business seeking to forge partnerships and discuss financial inclusion.

IFC estimates that 39 percent of Kenya’s formal small and medium enterprises are owned by women. As in most developing countries, women in Kenya have more challenges accessing financing than men. Gulf African Bank, the country’s first Islamic bank, is addressing this limitation through its women banking program. By providing women- only banking centres, dedicated teller counters for women, affordable credit, mentorship as well as discounts at partner outlets; the program champions inclusion of women in the financial sector.

Speaking at the opening, Mr. Abdalla Abdulkhalik, MD Gulf African Bank said, “Mobilizing women has proven powerful when aimed at accelerating growth in a nation. They are the pathway to realizing sustainable development goals and certainly meeting the world’s millennium development goals. By coordinating efforts to empower them, transferring appropriate knowledge tools to them, sharing lessons learned and fostering synergies there will be clear national enterprise development. As signatories to the Women Empowerment Principles (WEPs) Gulf African Bank has committed to champion women economic growth at both social and professional levels”.

Representing IFC, Mr. Manuel Moses – Country Manager, Kenya said that IFC works with partners like Gulf African Bank to increase financial services to female entrepreneurs, enabling them to grow and drive forward Kenya’s economy. The workshop held today continues a long standing partnership between IFC and Gulf African Bank. IFC made its first investment of $5 million equity in Gulf African Bank in 2013, and a year later, the bank joined IFC’s Africa Micro, Small, and Medium Enterprise Finance Program, which advises financial institutions in 18 African countries on how to increase lending to SMEs.

The discussion during the forum centered on various topics around entrepreneurship and enabling women in business, brought out a robust debate from the speakers who included Ms. Fahima Zein, Chief Investment Officer, GENAFRICA, Ms. Fatma Maawy, MD Milestones, and Ms. Najma Jabri, the Head of Women Banking at GAB. The session was led by renowned personal finance expert and Founder of Centonomy, Waceke Nduati, who tackled the topic of Financial Management.

Participants received practical advice, feasible solutions, and innovative ideas on how to fund and grow their business from fellow entrepreneurs and experienced financial advisors.

The forum, held at the Radisson Blu Hotel, also acted as the launch of Gulf African bank’s Women Banking (Annisaa) Website. The website, which is a first of its kind in Kenya, offers expert advice through a panel whose expertise ranges from entrepreneurship, leadership, medical and hospitality. It also acts as a knowledge hub to build capacity, provides a platform where women can review success stories of other women entrepreneurs and network, and has the unique feature of a family hub, which will address the women’s needs on a professional and personal level.

Gulf African Bank
Joyce Wanjiru – (0720 051202)
Serah Ndung’u – (0723 021160)
Maria Namuye - (+254 20 2740000)

About Gulf African Bank
Gulf African Bank is the first fully Shari’ah compliant bank in Kenya, offering products that address the needs of not just Muslims, but everyone in the country through fair, safe and ethical banking practices. Gulf African Bank is a pioneering Islamic Bank not only in Kenya but also in the entire East African region, whose shareholders include: Istithmar World (the investment arm of the Government of Dubai); BMI Bank (a leading regional bank headquartered in Bahrain); Sheikh Abdullah Mohammed Al Romaizan (a leading investor from Saudi Arabia); PTA Bank, GulfCap (UAE), IFC (World Banks Private Investment Arm) and prominent Kenyan nationals. www.gulfafricanbank.com

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges.
For more information, visit www.ifc.org

Gulf African Bank Launches Its Independent Foundation

 Press Release Gulf African Bank launches its independent Foundation With strategic partnerships with donors, this foundation will engage communities, schools, health institutions and various other institutions to promote education, health and social economic programs in Kenya.

Mombasa, 28 th May 2016 – Today, Gulf African Bank, Kenya’s premier Shari’ah compliant bank announced the official launch of Gulf African Bank Foundation, an independent arm that will handle the institution’s CSR initiatives.

Started in 2013 to strategically support the underprivileged across Kenya access education from basic to tertiary level through its Shari’ah Bursary Scheme, the programme has grown exponentially to include support for social economic programmes and interventions in the health sector through its health facet, subsequently metamorphosing into a fully fledged segment handling CSR at Gulf African Bank.

Under the theme “Sustaining lives,” the foundation will leverage its uniqueness as a Shari’ah compliant non-profit establishment to intervene, in a sustainable manner to realize improvement in the lives of the poor in Kenya. The foundation will additionally partner strategically with other charity organizations operating in the country to assist them in carrying out their humanitarian activities in the best possible manner.

“To date, Gulf African Bank Foundation has supported 1,559 underprivileged students from different backgrounds, faiths and regions under its flagship Shari’ah Bursary Scheme, with the scholarships running for the entire duration of the student’s courses to a tune of Shs 98 million. Currently, there are 695 students under this programme”, said Gulf African Bank’s Managing Director Abdalla Abdulkhalik.

In the recent years, Gulf African Bank’s CSR initiatives have also supported programmes by institutions like Nairobi Hospice which care for patients with life limiting illnesses especially Cancer, Kenya Society for the Blind, numerous Community Based Organisations aside the education schemes under different accounts which have now been moved under the foundation banner.

Some of the measurable outcomes the foundation will be angling for include:

1. An increase in literacy levels as a key foundation for national development through the Shari’ah bursary scheme which will cover Nursery, Primary and Secondary to University/College education levels as well as vocational education.

2. A reduction in health care access disparities in targeted communities and institution’s by providing financial and non-financial assistance to the underprivileged children, youth and elderly who suffer from well defined sickness/illness/diseases/disabilities as shall be outlined in the Foundation’s Health Program.

3. Increased investments in communal and institutional social economic empowerment programmes to directly and indirectly uplift living standards of beneficiaries by supporting income generation and job-creation programs/projects, with the primary focus on youth, women, orphans and people with disabilities aside skill development.

The foundation’s income will be drawn from Compensation (default damages), Interest Income, doubtful Income, Zakat (alms giving and religious tax), Grants and Donations (Sadaqah).

The foundation’s website is currently under construction and will soon be live. This site will serve as a tool for profiling and increase the bank’s CSR activities’ visibility, showcasing adherence to government requirements, corporate governance and financial regulation, shareholder reporting and also assist in sourcing of funds. Bursary applications are also being automated for ease of application, processing and communication with the beneficiaries in a system that will be plugged into the website.

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Contact persons
Edwin Savatia – (+254 710 381 363)
Maria Namuye - (+254 20 2740000)
About Gulf African Bank

Gulf African Bank is the first fully Shari’ah compliant bank in Kenya, offering products that address the needs of not just Muslims, but everyone in the country through fair, safe and ethical banking practices. Gulf African Bank is a pioneering Islamic Bank not only in Kenya but also in the entire East African region, whose shareholders include: Istithmar World (the investment arm of the Government of Dubai); Al Salam Bank (a leading regional bank headquartered in Bahrain); Sheikh Abdullah Mohammed Al Romaizan (a leading investor from Saudi Arabia); PTA Bank, GulfCap (UAE), IFC (World Banks Private Investment Arm) and prominent Kenyan nationals. www.gulfafricanbank.com About Gulf African Bank Foundation Gulf African Bank Foundation is a social, humanitarian, charitable and non-profit establishment dedicated to seeing improvement in the lives of the poor and downtrodden in the Kenya. In addition to providing help on its own, the Foundation also partners with other charity organizations working in the country to assist them in carrying out their humanitarian activities in the best possible manner.

Gulf African Bank announces its first quarter 2016 unaudited financial results.

Press Release 27 May 2016
Gulf African Bank announces its first quarter 2016 unaudited financial results. Gulf African Bank, Kenya’s premier Shari’ah compliant bank has announced its first quarter financial results for the period ended 31 March 2016. The Group, which comprises the bank and its subsidiary, GAB Takaful Insurance Agency, registered improved performance in the first quarter of 2016. The Group Profit after tax for the three months to 31 March 2016 was Kshs 177.6 Million compared to Kshs 156.4 Million for the same period in 2015. Notable highlights from the Bank results include:

  • Growth in Profit after tax of 13.6% in quarter 1 2016 to post a Profit after tax of Kshs 178 Million in quarter 1 2016 compared to Kshs 156 Million recorded in similar period in 2015;
  • On the same area of profitability, GAB posted a Profit before tax of Kshs 273 Million in quarter 1 2016 compared to the Kshs 241 Million recorded in quarter 1 2015. This represents a growth of 13.3%;
  • Total operating income grew by 15% from the Kshs 610 Million recorded for the three months to March 2016 to Kshs 699 Million in for the three months in 2015;
  • Customer deposits increased by 9% to Kshs 18,004 Million in quarter 1 2016 from the Kshs 16,545 Million as at similar period in 2015;
  • Financing arrangements to customers grew to Kshs 15,851 million as at 31 March 2016, an increase of 23%, from Kshs 12,892 million that the Group closed at as at 31 March 2015;

The good performance is attributable to the Bank’s efforts to diversify revenue sources by introduction of more services to our customers and enhancing the efficiency through cost management initiatives. The Group is currently exploring different opportunities to grow this revenue base by offering unique value propositions to our customers in our corporate, business (SME) and retail banking divisions in collaboration with our valued partners.

Looking forward
According to the Managing Director, Mr Abdalla Abdulkhalik, ‘The bank will carry on to offer financial solutions in Kenya that meet the unique requirements of our customers, be they individuals or institutions (large corporates or Small and Medium Enterprises). We will focus on financial services that meet today’s challenges and opportunities while paying attention to innovative ways of delivering the services that will be relevant into the future.’


Mr Abdulkhalik says that in 2016, the bank is implementing a programme to expand its footprint in areas the bank has not operated before in order to extent the concept of Islamic Banking to other regions in the country. ‘Our commitment is to meet the needs of all our stakeholders – the shareholders, customers, employees, regulators and the community.’

Gulf African Bank (GAB)is the first fully Shari’ah compliant bank in Kenya established in 2007, offering products that address the needs of not just Muslims, but everyone in the country who demands fair, safe and ethical banking practices. GAB is a pioneering Islamic Bank not only in Kenya but also in the entire East African region, whose shareholders include: Istithmar World (the investment arm of the Government of UAE); BMI Bank (a leading regional bank headquartered in Bahrain); Sheikh Abdullah Mohammed Al Romaizan (a leading investor from Saudi Arabia); International Finance Corporation – IFC, PTA Bank, GulfCap (UAE) and Kenyan investors.

For more press information,
please contact:
Maria Namuye
Corporate Communications
Tel: 2740000 Mobile 0729 658109
Email:

Bondeni Main branch launch

Press Release 21 st October, 2015
Highlights

  • Mohamed A. Mohamud, EGH. Former Kenyan envoy to Saudi Arabia inaugurates Gulf African Bank’s Bondeni Main branch.
  • The branch has been opened in response to customer’s request for increased representation in the coastal region.
  • The ultra modern branch has been designed to welcome the customer to a new retail banking era.
  • The bank aims to grow SME businesses in the Mombasa region exponentially through provision of cheap Shari’ah compliant financing facilities and free business advisory services to be offered in partnership with the International Finance Corporation (IFC).
  •  Bank branch will act as an SME hub offering solutions like construction financing, stock/working capital financing, SME mortgages, and collateral management amongst other solutions.
  • Branch will also offer financing solutions for corporates aside providing all customers with competitive insurance solutions.
  • Bank is seeing increasing potential at the cost as the tourism sector recovers, increased direct investment from foreigners and increased import-export business at the port.
  • Bank is also positioning itself as a strategic partner to support government projects in the coastal region and the country as a whole.
  • First Islamic Bank to launch operations in Kenya and in the coastal region 

Mombasa, 24 th March, 2015 – Gulf African Bank announced today the launch of its Bondeni Main branch in Mombasa, along Abdel Nasser road. Mr. Mohamed A Mohamud, EGH former Kenyan Ambassador to Saudi Arabia inaugurated the branch in a ceremony held at the branch.

Build in to offer customers a taste of the post-modern retail banking experience, the new Bondeni Main branch boasts the ability to provide all financial services – transactional and support – under one wing: the branch has an SME hub - offering tailor-made financial and advisory solutions to SME’s, provides competitive foreign exchange rates, innovative corporate banking solutions and affordable personal financing solutions.

Gulf African Bank has strategically positioned itself to play a major role – directly and indirectly – in the growth of the country’s economy mainly through supporting growth of SME’s and Corporates in need of Shari’ah compliant financing and through supporting the government in the implementation of its projects. The bank aims to open 10 branches over the next two years.

Commenting on the bank’s expansion, Abdalla Abdulkhalik said “The coastal region has been one of our core business areas where the uptake of interest free financing solutions has always been on the rise. Our customers requested us to establish more offices in the region – we have heeded to that call. The Bondeni main branch has been designed to offer customers all their financing and advisory needs. We have a team that has been trained by Africa Centre for Transformative and Inclusive Leadership (ACTIL), a programme by The United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) in partnership with Kenyatta University to offer business and related advisory services to our customers, especially women”.

Gulf African Bank is the first fully Shari’ah compliant bank in Kenya, offering products that address the needs of not just Muslims, but everyone in the country who demands fair, safe and ethical banking practices. GAB is a pioneering Islamic Bank not only in Kenya but also in the entire East African region, whose shareholders include: Istithmar World (the investment arm of the Government of Dubai); Bank Muscat International (a leading regional bank headquartered in Bahrain); Sheikh Abdullah Mohammed Al Romaizan (a leading investor from Saudi Arabia); IFC; PTA Bank; Gulf Cap (UAE) and Kenyan investors.

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For more press information,
please contact: Maria Namuye Corporate Communications
Tel: +254-20- 2740000
Email:

For further information,

please visit www.gulfafricanbank.com.

Follow Gulf African Bank at www.facebook.com/TheGulfAfricanBank and on twitter @GulfAfricanBank

Gulf African Bank crowned Best Islamic Bank by Islamic Finance News (IFN)

Gulf African Bank was declared the Best Islamic Bank, Kenya by Islamic Finance News (IFN) in a colourful event held on Monday, 24th February 2014 at the Samaya Ballroom, Ritz Carlton, Dubai International Finance Center (DIFC) for the second time. GAB last participated and won in the same category in 2012. Gulf African bank’s directors and Board members Mr. Alaga Raja and Ahmed Said Bajaber attended the ceremony to receive the award on behalf of the Bank.

The IFN awards were established in 2005 with the objective of honouring the best institutions in the Islamic Finance industry. The awards are highly recognized by the global Islamic capital markets. Financial institutions alongside other intermediaries and service providers are usually invited to submit their selected transactions from the previous 12 months, which a panel of experts from non-competing organizations sieves through to the elimination process before the winners are announced.

Gulf African Bank continues to innovate, currently pegging on internet and mobile banking to grow its business numbers while rolling out an aggressive expansion strategy targeting the region. This award has been dedicated to the bank’s customers for their continued support and trust in the organization and staff, whose relentless hard work, resilience in the face of competition and team work has brought the institution this global recognition.

Partnership with IFC

International Finance Corporation, a member of the World Bank Group made an investment of $5 million equity in Gulf African Bank to support corporate finance and lending to small and medium businesses in East Africa. The investment in our marks IFC’s first engagement with an Islamic finance institution in Sub-Saharan Africa.

The programme complements the capacity of banks to deliver trade financing by mitigating risk in new or challenging markets where trade lines may be constrained.

The equity investment and the trade line facility will support the Bank’s corporate finance and lending to small and medium businesses (SMEs) in the region.

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.

According to our chairman Jamal Al Hazeem, IFC’s decision to take up a 15% shareholding stake in our Bank is a clear indication of their belief not only in our Bank’s future but the future of Islamic Banking in the region. We feel priviledged that this is the first investment by IFC in an Islamic financial Institution in Sub-Saharan Africa. IFC’s involvement will open up more opportunities for the bank’s growth and expansion and enhance its processes.

 

Gulf African Bank’s Partnership with KRA

Gulf African Bank & Kenya Revenue Authority have come together to ease your tax payments through a partnership that facilitates all E-slip accompanied tax payments.

 

Partnership with Kenya School of Monetary Studies

The bank partnered with Kenya school of monetary studies to support Islamic Banking training. As part of our corporate social investment; we have volunteered some of the bank’s experts to teach at the college on a gratis basis, as well as offer internship to select students undertaking Diploma in Islamic Banking in the institution.

 

GULF AFRICAN BANK WINS BIG AT THE 2013 COYA (COMPANY of the YEAR AWARDS)

Gulf African Bank was among the biggest winners at this year’s Company of the Year Awards (COYA).The award ceremony which is organized annually by the  Kenya Institute of Management’s took place on 8th November, 2013 at Safari Park Hotel’s Paradise grounds from 5pm to 11pm. The well attended colorful ceremony was an amalgamation pot for numerous corporates ranging from industry players in the banking sector, manufacturing sector, Transport sector, Insurance segments amongst others.
The event saw GAB carry home two competitive awards as the best organization in productivity and quality and Financial management. This was as a result of the trust our customers have in Gulf African Bank as a strong brand and the concerted effort of 27 OPI Champions and GAB staff. The awards went along way in confirming Gulf African Bank’s dedication towards achieving operational efficiency and excellence! GAB aims at winning the overall COYA Award in 2014.  
This win was attributed to the bank’s continued improvement initiatives to stay innovative and competitive while demonstrating good management practices that translated into the institutions growth.
The COYA (Company of the Year Awards) scheme was cenceptualised by the Kenya Institute of Management between 1997 and 1998, inspired by a critical need to celebrate achievements being made and to enhance organisation’s management capabilities and performance excellence. Since its inception, over 1,000 companies from the East African Region have participated in these prestigious awards.
This year, 60 companies participated. Some of these organisations included Britam insurance, Nestle Kenya, Crown paints, UBA Bank Kenya Ltd, Post Bank, Nation Media Group, Barclays bank of Kenya, CFC Life, Davis and Shirtliff amongst others. Some of these organization’s have taken part in the awards ceremony for many years without bagging any of the coveted awards, but GAB won big after only two years of participating.
The double win is a strong indication of Gulf African Bank’s credibility as a banking institution and has effectively given the organisation a competitive edge over the competition, being the first fully fledged Shari'ah compliant Islamic banking institution to participate and indeed win this big in the COYA awards.

The bank’s prestige and visibility has equality increased following this big win and the institution is now regionally recognized as an excellent organization in Financial Management and Productivity and Quality