Type Private Founded 2007 | Industry Financial Services Headquarters Nairobi, Kenya | |
Key people Hassan Varvani
Chairman
Nathif Jama Adam
Managing Director
Omar Sheik
General Manager Products Checking, Savings, Investments, Debit Cards | ||
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.
Contents
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.
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.