Gulf African Bank
Opening Doors in Islamic Banking By re-focusing the bank’s business model on SME and insurance products, Gulf African Bank has continued to grow its name as the Kenyan leader in Islamic Banking Writer: Emily JarvisProject Manager: Donovan Smith Since last speaking to Africa Outlook in 2014, the award-winning Gulf African Bank (GAB) has gone from strength to strength, leveraging its position as Kenya’s largest Islamic bank to grow both the brand and continue to innovate its product range. Recognised by M & A Today and Islamic Finance News as the Best Islamic Bank in Kenya, these triumphs have functioned to widen the profile of the Bank to emerge as the frontrunner in Islamic Finance regionally.Showcasing its diverse offering once more, Abdalla Abdulkhalik, CEO and Board Member of Gulf African Bank says that growth in different segments within the bank coupled with geographic expansion has contributed to maintaining its expansion levels.“Our strong position has enabled us to engage in new partnerships regionally and internationally, engage in product diversification to include insurance, re-focusing the bank’s business model through the formation of a singular business unit for easier delivery, especially for micro and macro businesses, improvement in quality and quantity of marketing and a strategic shift in investment to customer and business innovation,” says the CEO.With GAB’s Return on Assets (RoAs) currently standing at an impressive 3.12 percent and a jump in after tax profit levels by 41 percent, a continued focus on SME products and financing services has served to firmly cement the bank’s leading position in the market, even as more…
Gulf African Bank
Kenya's leading Islamic bank Gulf African Bank are an award winning financial institution – on both a local and international scale – and are the first fully fledged Islamic bank in Kenya Writer Emily Jarvis Project Manager Sheridan Halls Gulf African Bank (GAB) are the first fully-fledged Islamic bank in Kenya, whose transactions are based on model Islamic economics - forbidding interest, and is an alternative to conventional banking. This mode of banking, a flagship of the Gulf African Bank locally, has spread widely, attracting both Muslims and non-Muslims alike. The bank have maintained a sustainable business model based on rapid customer acquisition and retention; a calculated expansion strategy, and a firm commitment to their mission, vision and core values. The bank is a bona fide Islamic financial services provider and all of the bank's products and services are Shari'ah compliant. "Gulf African Bank is definitely an informed choice, for anyone from any faith, thinking about a perfect place to keep their money and seek financing in Africa and beyond," cites Abdalla Abdulkhalik, CEO and Board Member of Gulf African Bank. GAB are an award-winning financial institution on both a local and international scale. Last year, the company was crowned the best bank in Financial Management and Productivity and Quality at the annual Company of the Year Awards (COYA). "This is a big achievement from a very credible source. The bank also emerged as the Best Islamic Bank in Kenya in 2013 during the annual Islamic Finance News Awards in Dubai," Abdulkhalik proudly says. Reliable and…
