Premier Bank Kenya

Premier Bank Limited
Company type	Private
Industry	Financial services
Founded	2007
Headquarters	Nairobi, Kenya
Key people	Sheikh Mohamed Mbaye; Chairman; Hussein Hassan; Chief Executive Officer
Products	Checking, savings, financing, investments, debit cards
Revenue	Aftertax:US$1.518 million (KES:131.202 million) (2013)
Total assets	US$130.85 million (KES:11.305 billion) (2013)
Number of employees	605
Parent	Premier Bank
Website	www.firstcommunitybank.co.ke

Premier Bank, formally First Community Bank (FCB), is a Shari'ah compliant commercial bank in Kenya, the largest economy in the East African Community. The bank received a formal approval from the Central Bank of Kenya in 2007, the national banking regulator in the country but commenced its official operations on 1 June 2008.^[1]

Overview

As of December 2019^[update], the bank's total assets were valued at about US$187.62 million (KES:18.762 billion), with shareholders' equity of about US$14 million (KES:1.46 billion), and customer deposits of US$161 million (KES:16.126 billion).^[2] At that time, the bank was ranked number 21, by assets, out of 43 licensed banks in Kenya then.

History

Premier Bank was established in 2007 as First Community Bank (FCB) to operate according to Islamic Shari'ah law by private Muslim investors in Kuwait, Kenya and Tanzania.^[3] The bank received a Kenyan commercial banking license the same year, and officially started operations in June 2008. The FCB is the first Kenya-based fully fledged bank to operate according to the laws of Shari'ah. Since the founding of First Community Bank, other Sharia compliant banks such as Gulf African Bank (GAB), Dubai Islamic Bank (DIB) and several Islamic windows operating under conversational banks have also received commercial licenses from the Central Bank of Kenya.^[4]^[5]

Subsidiaries

The bank's first subsidiary is FCB Takful Insurance Broker, in which it maintains 100% shareholding. The insurance brokerage was established in 2010.^[6] The bank also owns a second subsidiary, FCB Capital Limited, the first Sharia-compliant Investment capital in Kenya, wholly owned by First Community Bank.^[7]

Branch network

As of March 2020^[update], the bank maintains a network of branches at the following locations:^[8]

Wabera Street Branch - Prudential Assurance Building, 1st Floor, Wing B, Wabera Street, Nairobi
Eastleigh Branch I - United Textile Centre, 1st Floor, First Avenue, Eastleigh, Nairobi
Eastleigh Branch II - General Warungu Street, Opposite Kilimanjaro Food Court, Eastleigh, Nairobi
Industrial Area Branch - Enterprise Road, Volvo Showroom, Nairobi
Kimathi Branch - Jamia plaza, Kimathi street Jamia Mosque, Nairobi
Westlands Branch - Mpaka Plaza, Mpaka Road, Westlands, Nairobi
South C Branch - South C Shopping Center, Muhoho Avenue, Nairobi
Garissa Branch - Bajweed Building, Off Kismayu Road, Garissa
Lunga Lunga Branch - Lunga Lunga Business Centre, 1st Floor, Lunga Lunga Road, Nairobi
Kisumu Branch - Wedco Centre, Oginga Odinga Road, Kisumu
Nakuru Branch - Merika Building, Ground Floor,Kenyatta avenue, Nakuru
Malindi Branch - Malindi Shopping Complex, Lamu Road, Malindi
Mombasa Branch I - Shah Mansion Building, Digo Road, Mombasa
Mombasa Branch II - Imara Building, Digo Road, Mombasa
Moyale Branch - Shariff Guest House, Moyale
Wajir Branch - Wajir Town, Garissa Mandera Road next to Kilimanjaro Hotel, Wajir
Head Office, Mihrab Branch - FCB Mihrab Building, Lenana Road/Ring Road Kilimani Nairobi
Isiolo Branch- White House Building, Isiolo-Moyale Highway, Isiolo

References

^ "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 9 August 2014.
^ "Audited 31 December 2019 Financial Statement". First Community Bank. 2020. Retrieved 31 March 2020.^{[dead link‍]}
^ "Kenya's First Islamic Bank Steps Up Staff Recruitment". Muslim-Investor.Com. 8 July 2014. 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.
^ "Kenyan Islamic Bank Gulf Says Swings To Q1 Profit". Thomson Reuters. 3 June 2010. Retrieved 10 August 2014.
^ Kiragu, Peter (24 January 2014). "Islamic Re-Insurance To Be Unveiled This Year". The Star. Nairobi. Archived from the original on 10 August 2014. Retrieved 10 August 2014.
^ "Profile of FCB Capital Limited". First Community Bank of Kenya. Archived from the original on 17 August 2014. Retrieved 10 August 2014.
^ "The Branch Network of First Community Bank". First Community Bank Limited. Archived from the original on 17 August 2014. Retrieved 31 March 2020.

[1] "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 9 August 2014.

[2] "Audited 31 December 2019 Financial Statement". First Community Bank. 2020. Retrieved 31 March 2020.^{[dead link‍]}

[3] "Kenya's First Islamic Bank Steps Up Staff Recruitment". Muslim-Investor.Com. 8 July 2014. Retrieved 9 August 2014.

[4] 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.

[5] "Kenyan Islamic Bank Gulf Says Swings To Q1 Profit". Thomson Reuters. 3 June 2010. Retrieved 10 August 2014.

[6] Kiragu, Peter (24 January 2014). "Islamic Re-Insurance To Be Unveiled This Year". The Star. Nairobi. Archived from the original on 10 August 2014. Retrieved 10 August 2014.

[7] "Profile of FCB Capital Limited". First Community Bank of Kenya. Archived from the original on 17 August 2014. Retrieved 10 August 2014.

[8] "The Branch Network of First Community Bank". First Community Bank Limited. Archived from the original on 17 August 2014. Retrieved 31 March 2020.

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