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.
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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). At that time, the bank was ranked number 33, by assets, out of 43 licensed banks in Kenya then.
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History
First Community Bank was established in 2007 according to Sharia law by private Muslim investors in Kuwait, Kenya and Tanzania. 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.
Subsidiaries
The bank's first subsidiary is FCB Takful Insurance Agency, in which it maintains 100% shareholding. The insurance agency was established in 2010. 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.
Branch network
As of August 2014, the bank maintains a network of branches at the following locations:
- 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.
Source of the article : Wikipedia
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