ABF and Mortgage Centres
Date Published: Wednesday, 16 July 2014
We have today launched an Asset Based Finance (ABF) and Mortgage Centre for its Corporate and Retail customers and also relaunched well enhanced asset finance and mortgage products to enhance the relevance of the new centres.
The centres located in FCB Digo Road branch and Jamia Plaza Nairobi will provide dedicated focus to customers seeking to acquire vehicles and other movable assets both locally and internationally to realize their dreams and overcome challenges of acquiring them. The centres also provide a wide range of enhanced mortgage products for the local market and for people in the Diaspora wishing to purchase homes in Kenya.
The Asset Based Finance is based on Murabaha, a popular and customer friendly Islamic finance instrument based on cost plus profit. Customers identify assets they wish to acquire upon which the bank buys the assets, take constructive possession and then sells to the customer at an agreed price that remains fixed during the entire period of financing.
While speaking in Mombasa during the launch, the General Manager Mr. Omar Sheikh said, we have greatly enhanced our ABF and mortgage products, made them customer friendly and further augmented them with 2 dedicated centres for ease of accessibility.
Mr. Omar added that the centres will provide easy access to customers while providing personalized attention and further offer Islamic Insurance to gain the convenience of one stop shopping.
Mr. Omar added that the enhanced products backed by the dedicated centres will meet the needs of both small and large scale customers through Shariah Compliant asset financing to enable them purchase assets like Motor Vehicles, Plant and Machinery, IT Equipment and other movable assets.
Mr. Omar concluded that being the first Bank approved by the Central Bank of Kenya (CBK) to operate as a fully-fledged Islamic Commercial Bank, FCB will continuously work towards developing innovative financial products and services that are in line with customers’ needs.
The Guest of honour, Sheikh Hammad Kassim, former Chief Kadhi lauded First Community Bank for setting the pace for providing one stop shopping product by acquiring the facility in with Shariah while providing Islamic Insurance as an added offering.
First Community Bank, is going through a tremendous transformation program to serve you better. Since the beginning of this year, we have made enormous changes in various areas including simplified account opening, simplified facility processing and enhanced product offering to deliver customer value through our extensive range of new unique and diverse products with high quality service propositions tailor made for various customers. In keeping with this, FCB is available to all customers regardless of faith, offers flexible repayment period of up to 5years and fixed pricing for the entire period of financing.
FCB Asset Finance product has been developed in consultation with the Shariah Supervisory Board which guides, reviews and approves all FCB products. This includes design to completion including approval of appropriate financial instruments/ concepts, pricing methods and contracts signed with customers. To remain compliant, the Shariah Board undertakes various reviews including annual Shariah audits to ensure product compliance remains in line with the Shariah requirement.