First Community Bank
Private | |
Industry | Financial Services |
Founded | 2007 |
Headquarters | Nairobi, Kenya |
Key people |
Hassan Varvani Chairman Nathif Jama Adam Managing Director Omar Sheik General Manager |
Products | Checking, Savings, Investments, Debit Cards |
Revenue |
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Total assets | US$130.85 million (KES:11.305 billion) (2013) |
Website |
www |
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.[1]
Overview
As of December 2013, the bank's total assets were valued at about US$130.85 million (KES:11.305 billion), with shareholders' equity of about US$14 million (KES:1.21 billion), and customer deposits of US$115 million (KES:9.932 billion).[2] At that time, the bank was ranked number 33, by assets, out of 43 licensed banks in Kenya then.[3]
History
First Community Bank was established in 2007 according to Sharia law by private Muslim investors in Kuwait, Kenya and Tanzania.[4] The bank received a Kenyan commercial banking license the same year, and started operations in June 2008. The FCB is the first Kenya-based bank to operate according to the laws of Sharia. Since the founding of First Community Bank, another Sharia bank, the Gulf African Bank, has also received a commercial license from the Central Bank of Kenya.[5][6]
Subsidiaries
The bank's first subsidiary is FCB Takful Insurance Agency, in which it maintains 100% shareholding. The insurance agency was established in 2010.[7] The bank also owns a second subsidiary, FCB Capital Limited, the first Sharia-compliant Investment Bank in Kenya. It also is wholly owned by First Community Bank.[8]
Branch network
As of August 2014, the bank maintains a network of branches at the following locations:[9]
- Wabera Street Branch - Prudential Assurance Building, Wabera Street, Nairobi
- Eastleigh Branch I - United Textile Building, First Avenue, Eastleigh, Nairobi
- Eastleigh Branch II - General Warungu Street, Eastleigh, Nairobi
- Industrial Area Branch - Enterprise Road, Nairobi
- Kimathi Street Branch - Jamia Mosque, Nairobi
- Westlands Branch - Mpaka Plaza, Mpaka Road, Westlands, Nairobi
- South C Branch - South C Shopping Center, Nairobi
- Garissa Branch - Bajweed Building, Wajir Road, Garissa
- Habaswein Branch - DC Road, Habaswein
- Industrial Area Branch - Enterprise Road, Industrial Area, Nairobi
- Kisumu Branch - CAC House, Oginga Odinga Street, Kisumu
- Nakuru Branch - Merica Hotel Building, Kenyatta Avenue, Nakuru
- Malindi Branch - Malindi Shopping Complex, Lamu Road, Malindi
- Masalani Branch - Downtown Masalani, Masalani
- Mombasa Branch I - Shah Mansion Building, Digo Road, Mombasa
- Mombasa Branch II - Kazingo Road, Mombasa
- Moyale Branch - Sharriff Guest House, Moyale
- Wajir Branch - Mandera Road, Wajir
Governance
The bank is governed by a seven-person Board of Directors. Hassan Varvani, one of the non-Executive Directors, is the Chairman of the Board. The Managing Director is Nathif Jama Adam and Omar Sheik is the General Manager.
See also
References
- ↑ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 9 August 2014.
- ↑ FCB, . (2014). "Audited 31 December 2013 Financial Statement". First Community Bank (FCB). Retrieved 9 August 2014.
- ↑ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. Retrieved 9 August 2014.
- ↑ Muslim, Investor (8 July 2014). "Kenya's First Islamic Bank Steps Up Staff Recruitment". :Muslim-Investor.Com. Retrieved 9 August 2014.
- ↑ Harress, Christopher (26 September 2013). "Islamic Banking Revolution: Africa Is Seeing An Explosion In Banks Looking To Cash In On Continent's Growing Muslim Population". International Business Times (New York). Retrieved 10 August 2014.
- ↑ Financials, . (3 June 2010). "Kenyan Islamic Bank Gulf Says Swings To Q1 Profit". Thomson Reuters. Retrieved 10 August 2014.
- ↑ Kiragu, Peter (24 January 2014). "Islamic Re-Insurance To Be Unveiled This Year". The Star (Nairobi). Retrieved 10 August 2014.
- ↑ FCBK, . "Profile of FCB Capital Limited". First Community Bank of Kenya (FCBK). Retrieved 10 August 2014.
- ↑ FCBL, . "The Branch Network of First Community Bank". First Community Bank Limited. Retrieved 10 August 2014.