Gulf African Bank (GAB), whose full name is Gulf African Bank Limited, is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

in Kenya operating under an

Islamic banking Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economic ...

regime. It is licensed by the

Central Bank of Kenya The Central Bank of Kenya (CBK) ( sw, Banki Kuu ya Kenya) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Patrick Ngugi Njoroge ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

and national banking regulator. the bank was a mid-sized financial services provider in

Kenya ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

. Its total assets were valued at approximately US$191.8 million (KES:19, 753, 647 billion), with customer deposits totalling approximately US$153.3 million (KES:15.8 billion), and shareholders' equity estimated at US$30.6 million (KES:3.15 billion). At that time, the bank was ranked number 25, by assets, out of the 43 licensed banks in Kenya then. The bank has plans to enter

Uganda }), is a landlocked country in East Africa East Africa, Eastern Africa, or East of Africa, is the eastern subregion of the African continent. In the United Nations Statistics Division scheme of geographic regions, 10-11-(16*) territor ...

and

Tanzania Tanzania (; ), officially the United Republic of Tanzania ( sw, Jamhuri ya Muungano wa Tanzania), is a country in East Africa within the African Great Lakes region. It borders Uganda to the north; Kenya to the northeast; Comoro Islands and ...

History

Discussions to establish the bank started in 2005, by individuals and institutions from the

Persian Gulf The Persian Gulf ( fa, خلیج فارس, translit=xalij-e fârs, lit=Gulf of Persis, Fars, ), sometimes called the ( ar, اَلْخَلِيْجُ ٱلْعَرَبِيُّ, Al-Khalīj al-ˁArabī), is a Mediterranean sea (oceanography), me ...

and

Kenya ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

. The bank began banking operations in 2008, after receiving a commercial banking license and authorisation to establish a Sharia bank, from the

. Gulf African Bank is the second commercial bank in Kenya to receive authorisation to practice

Sharia banking Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or Finance, financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic ...

, after

First Community Bank First Community Bank (FCB), is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator. Overview , the bank's total assets were v ...

, which opened in 2007. At the time it opened, Gulf African Bank's capital base totalled over US$21 million (KES:1.75 billion).

Ownership

The shares of

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

in Gulf African Bank are privately held by institutional and private investors from the

Kenya ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

and the United States of America. Institutional investors account for over 90% shareholding. The major shareholders in the bank include the investors listed in the table below. In September 2012, the

International Finance Corporation The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of t ...

acquired 16% shareholding in the bank for US$5 million. It is not clear how the shareholding will look after the money changes hands. * The totals are off because shareholding data after IFC investment is lacking.

Branch network

, the bank operates a network of branches at the following locations: # Head Office – Geminia Insurance Plaza, Kilimanjaro Avenue,

Nairobi Nairobi ( ) is the capital and largest city of Kenya. The name is derived from the Maasai phrase ''Enkare Nairobi'', which translates to "place of cool waters", a reference to the Nairobi River which flows through the city. The city proper ha ...

# Lamu Branch – Old Telkom Office, Jomo Kenyatta Road,

Lamu Lamu or Lamu Town is a small town on Lamu Island, which in turn is a part of the Lamu Archipelago in Kenya. Situated by road northeast of Mombasa that ends at Mokowe Jetty, from where the sea channel has to be crossed to reach Lamu Island. ...

# Kenyatta Avenue Branch – Ground Floor, Hughes Building, Kenyatta Avenue, Nairobi # Eastleigh Branch II – Shariff Centre Building, Jam Street,

Eastleigh Eastleigh is a town in Hampshire, England, between Southampton and Winchester. It is the largest town and the administrative seat of the Borough of Eastleigh, with a population of 24,011 at the 2011 census. The town lies on the River Itchen, o ...

, Nairobi # Bombolulu Branch – Madina Estate, New Mombasa-Malindi Highway, Bombolulu,

Mombasa Mombasa ( ; ) is a coastal city in southeastern Kenya along the Indian Ocean. It was the first capital of the British East Africa, before Nairobi was elevated to capital city status. It now serves as the capital of Mombasa County. The town is ...

# Westlands Branch – 9 West Building,

Westlands Westlands is an affluent, mixed-use commercial and residential neighbourhood in Nairobi. Location Westlands is located approximately , by road, northwest of the central business district of Nairobi. The geographical coordinates of the neighb ...

, Nairobi] # Enterprise Branch – Addis Ababa Road, Off Enterprise Road, Nairobi # Upper Hill Branch – Ground Floor, Geminia Ins. Plaza, Kilimanjaro Ave., Upper Hill, Nairobi, Upper Hill, Nairobi # Jomo Kenyatta Branch – Kasa Building, Jomo Kenyatta Avenue, Mombasa # Malindi Branch – Blue Marlin Building, Lamu Road,

Malindi Malindi is a town on Malindi Bay at the mouth of the Sabaki River, lying on the Indian Ocean coast of Kenya. It is 120 kilometres northeast of Mombasa. The population of Malindi was 119,859 as of the 2019 census. It is the largest urban centre ...

# Garissa Branch – First House, Al-Waqf Quran House, Kismayu Road,

Garissa Garissa ( so, Gaarrisa) is the capital of Garissa County, Kenya. It is situated in the former North Eastern Province. Geography The Tana River, which rises in Mount Kenya east of Nyeri, flows through the Garissa. The Bour-Algi Giraffe Sanctuar ...

# Nkrumah Road Branch – Najat House, Nkrumah Road, Mombasa # Eastleigh Main Branch – Eastleigh Mall Building, General Wariunge Street,

, Nairobi # Bondeni Branch – Abdel Nasser Road,

Bondeni Fuoni Kibondeni is a village on the Tanzanian island of Unguja, part of Zanzibar. It is located on the central west coast of the island, 18 kilometres north of the capital Zanzibar City Zanzibar City or Mjini District, often simply referred ...

, Mombasa

References

External links

Website of Gulf African BankWebsite of Central Bank of Kenya
{{Banking in Kenya Banks of Kenya Companies based in Nairobi Banks established in 2008 Kenyan companies established in 2008

History

Ownership

Branch network

See also

References

External links