Gulf African Bank
Encyclopedia
Gulf African Bank, whose full name is Gulf African Bank Limited, is a commercial bank
in Kenya
. It is one of the forty-four (44) banks licensed by the Central Bank of Kenya
, the national banking regulator.
and Kenya
. The bank was began banking operations in 2008, after receiving a commercial banking license and authorization to establish a Sharia bank
, from the Central Bank of Kenya
. Gulf African Bank is the second commercial bank in Kenya to receive authorization to practice Sharia banking, after First Community Bank
, which opened in 2007. At the time it opened, its capital base totaled over US$21 million (KES:1.75 billion).
the bank is a mid-sized financial services provider in Kenya
. Its total assets were valued at approximately US$112.3 million (KES:9.6 billion), with customer deposits totaling approximately US$96 million (KES:8.2 billion), and shareholders' equity estimated at approximately US$16.3 million (KES:1.39 billion). The bank has plans to enter Uganda
and Tanzania
in 2011.
in Gulf African Bank are privately held by institutional and private investors from the Persian Gulf
and from Kenya
. Institutional investors account for over 90% shareholding. The major shareholders in the bank include the following:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Gulf African Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Istithmar PJS of United Arab Emirates
- A Private Equity Firm||
|-
|2||BMI Bank of Bahrain
||
|-
|3||Sheikh Abdallah Mohammed Al Romaizan of Saudi Arabia
- An Individual||
|-
|4||GulfCap Group of United Arab Emirates
- A Private Investment Company||
|-
|5||PTA Bank
of Eastern and Southern
Africa
- A Multinational
Development Bank
||
|-
|6||Other Individual Investors from Kenya
and the Persian Gulf
||
|-
| ||Total||100.00
|-
|}
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
. It is one of the forty-four (44) banks licensed by the Central Bank of Kenya
Central Bank of Kenya
The Central Bank of Kenya is Kenya's central bank. The bank is located in Nairobi. The current governor of the bank is Professor Njuguna Ndungu whose appointment took effect from March 4, 2007...
, the national banking regulator.
History
Discussions to establish the bank started in 2005, by individuals and institutions from the Persian GulfPersian Gulf
The Persian Gulf, in Southwest Asia, is an extension of the Indian Ocean located between Iran and the Arabian Peninsula.The Persian Gulf was the focus of the 1980–1988 Iran-Iraq War, in which each side attacked the other's oil tankers...
and Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
. The bank was began banking operations in 2008, after receiving a commercial banking license and authorization to establish a Sharia bank
Islamic banking
Islamic banking is banking or banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money...
, from the Central Bank of Kenya
Central Bank of Kenya
The Central Bank of Kenya is Kenya's central bank. The bank is located in Nairobi. The current governor of the bank is Professor Njuguna Ndungu whose appointment took effect from March 4, 2007...
. Gulf African Bank is the second commercial bank in Kenya to receive authorization to practice Sharia banking, after First Community Bank
First Community Bank
First Community Bank , is a commercial bank in Kenya. It is one of the forty-four commercial banks licensed by the Central Bank of Kenya, the national banking regulator.-History:...
, which opened in 2007. At the time it opened, its capital base totaled over US$21 million (KES:1.75 billion).
the bank is a mid-sized financial services provider in Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
. Its total assets were valued at approximately US$112.3 million (KES:9.6 billion), with customer deposits totaling approximately US$96 million (KES:8.2 billion), and shareholders' equity estimated at approximately US$16.3 million (KES:1.39 billion). The bank has plans to enter Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
and Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
in 2011.
Ownership
The shares of stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
in Gulf African Bank are privately held by institutional and private investors from the Persian Gulf
Persian Gulf
The Persian Gulf, in Southwest Asia, is an extension of the Indian Ocean located between Iran and the Arabian Peninsula.The Persian Gulf was the focus of the 1980–1988 Iran-Iraq War, in which each side attacked the other's oil tankers...
and from Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
. Institutional investors account for over 90% shareholding. The major shareholders in the bank include the following:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Gulf African Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Istithmar PJS of United Arab Emirates
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
- A Private Equity Firm||
|-
|2||BMI Bank of Bahrain
Bahrain
' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
||
|-
|3||Sheikh Abdallah Mohammed Al Romaizan of Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
- An Individual||
|-
|4||GulfCap Group of United Arab Emirates
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
- A Private Investment Company||
|-
|5||PTA Bank
PTA Bank
Preferential Trade Area Bank, commonly known as the PTA Bank, is a trade and development financial institution in Africa. The PTA Bank is the financial arm of COMESA, but membership is open to non-COMESA States and other institutional shareholders....
of Eastern and Southern
Southern Africa
Southern Africa is the southernmost region of the African continent, variably defined by geography or geopolitics. Within the region are numerous territories, including the Republic of South Africa ; nowadays, the simpler term South Africa is generally reserved for the country in English.-UN...
Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
- A Multinational
Multinational corporation
A multi national corporation or enterprise , is a corporation or an enterprise that manages production or delivers services in more than one country. It can also be referred to as an international corporation...
Development Bank
Development bank
The phrase development bank may refer to:* Community development banks fund low-income areas in the United States* Multilateral Development Bank provide financing for international development...
||
|-
|6||Other Individual Investors from Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
and the Persian Gulf
Persian Gulf
The Persian Gulf, in Southwest Asia, is an extension of the Indian Ocean located between Iran and the Arabian Peninsula.The Persian Gulf was the focus of the 1980–1988 Iran-Iraq War, in which each side attacked the other's oil tankers...
||
|-
| ||Total||100.00
|-
|}
Branch network
, the bank operates a network of twelve (12) branches at the following locations:- Upper Hill Branch - Geminia Insurance Plaza, Kilimanjaro Avenue, Upper Hill, NairobiUpper Hill, NairobiUpper Hill is a neighborhood in the city of Nairobi, the capital and largest city in Kenya.-Location:Upper Hill is located by road west of the central business district of Nairobi...
- Main Branch - Kenyatta Avenue Branch - Hughes Building, Kenyatta Avenue, NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
- Enterprise Centre Branch - Enterprise Road, Industrial Area, Nairobi
- Eastleigh Branch I - Eastleigh Mall, General Waruinge Street, Eastleigh, NairobiEastleigh, NairobiEastleigh is a suburb of Nairobi, Kenya. It is located east of the Central business district. Predominantly inhabited by Somali immigrants, it has been described as "Little Mogadishu", as well as "a country within a country with its own economy" on account of its robust business...
- Eastleigh Branch II - Aqsa House, 7th Street, Eastleigh, Nairobi
- Eastleigh Branch III - Shariff Centre, Athumani Kipanga Street, Eastleigh, Nairobi
- Parklands Branch - 3rd Parklands Avenue, Parklands, NairobiParklands, NairobiParklands, Nairobi, commonly referred to simply as Parklands, is a neighborhood in the city of Nairobi, the capital and largest city in Kenya. It is divided into numbered avenues. The name arises from the proximity of the area to City Park, Nairobi....
- Mombasa Branch I - Najat House, Nkrumah Road, MombasaMombasaMombasa is the second-largest city in Kenya. Lying next to the Indian Ocean, it has a major port and an international airport. The city also serves as the centre of the coastal tourism industry....
- Mombasa Branch II - Kasa House, Jomo Kenyatta Avenue, Mombasa
- Garissa Branch - Al Waqf Quran House, Garissa Main Road, GarissaGarissaGarissa is a city in the North Eastern Province of Kenya. It is the capital of both the province and Garissa District.-Overview:Garissa is located at and has a population of 65,881 inhabitants . The Tana River flows through the city....
- Lamu Branch - Kenyatta Street, LamuLamu-Threats to Lamu:In a 2010 report titled Saving Our Vanishing Heritage, Global Heritage Fund identified Lamu as one of 12 worldwide sites most "On the Verge" of irreparable loss and damage, citing insufficient management and development pressure as primary causes.- See also :* Juma and the Magic...
- Malindi Branch - Blue Marlin Building, Lamu Road, MalindiMalindiMalindi is a town on Malindi Bay at the mouth of the Galana River, lying on the Indian Ocean coast of Kenya. It is 120 kilometres northeast of Mombasa. The population of Malindi is 117,735 . It is the capital of the Malindi District.Tourism is the major industry in Malindi. The city is...
See also
- List of banks in Kenya
- Central Bank of KenyaCentral Bank of KenyaThe Central Bank of Kenya is Kenya's central bank. The bank is located in Nairobi. The current governor of the bank is Professor Njuguna Ndungu whose appointment took effect from March 4, 2007...
- Economy of KenyaEconomy of KenyaKenya's economy is market-based, with a few state-owned infrastructure enterprises, and maintains a liberalized external trade system. The country is generally perceived as Eastern and central Africa's hub for Financial, Communication and Transportation services...
- Sharia banking
- First Community BankFirst Community BankFirst Community Bank , is a commercial bank in Kenya. It is one of the forty-four commercial banks licensed by the Central Bank of Kenya, the national banking regulator.-History:...