The Nairobi Securities Exchange-listed lender Absa is looking to tap on the growing Islamic banking in the country with its new flagship La Riba centre.
This is the second store in a span of two weeks that the lender has opened after venturing into China, in its global footprint expansion
Whereas this branch will serve all customers in the populous Eastleigh area, it also becomes Absa’s flagship La Riba centre, that will provide Shari’ah banking solutions to the customers.
Absa Bank Kenya’s Managing Director, Abdi Mohamed, said that the lender will be looking to tap on the thriving businesses in the area.
“We have been active in this space but now, we aim to expand our distribution network to meet our current and desired needs of our customers where and how they best prefer. We are therefore proud to continue playing a part in supporting business growth in Eastleigh and, by extension, Nairobi,” said Mohamed.
As part of the revamped La Riba offering, the bank says it is committed to serving underserved groups and making inter-generational wealth creation accessible.
To bridge an existing market gap, Absa has introduced Kenya's first Shariah-compliant structured investment notes.
These notes are designed for premier clients, providing offshore exposure along with the opportunity to leverage potential upside returns while ensuring capital protection.
In addition, Absa has introduced unsecured personal lending solutions (Tawarruq), which targets scheme customers working at both County and National governments.
“We are uniquely positioned to make a substantive difference while being keen on our governance structures. Towards that end, we have also expanded our Shariah Board membership, reflecting our commitment to embracing diversity,” added Mohamed.
This new branch and product enhancement will enable customers to access transactional accounts, savings accounts and Mudharabah deposit accounts as well as access to Shari’ah compliant investments, financial advisory among other offerings.