Date Published: Thursday, 21 August 2014
First Community Bank has rolled out an ambitious growth strategy aimed at registering a 35 per cent increase in profit at the end of this year. Further, the Shari’ah compliant bank intends to grow its asset base by 33 per cent and increase customer deposits 37 per cent. This will be achieved through the current increased customer goodwill and rolling out innovative products and services.
Speaking during a media breakfast in Nairobi, the former General Manager Omar Sheikh announced that the bank is going through an exciting transformation program in line with its strategic plan. “Our ambitions plans include reach out to the rest of Kenyans. "We are open to all customers regardless of faith but we shall operate on the principles of Sharia'h" added Omar. Already the bank is in the process of implementing full segmentation of its services, and installing a digital banking platform, Omar added.
In the last one year, First Community bank has achieved various milestones including growing its assets by Ksh 2 billion in the first seven months of 2014. This translates to 28% growth from the previous year (2013).
Its Liabilities grew by Ksh 1.8 billion within the first seven months of 2014, which translates to 18% growth from the previous year (2013) and also launched a reconstituted Sharia’h Board in July 2014.
Further, the bank re-launched an enhanced Asset Based Finance and Mortgage products and unveiled two dedicated ABF and Mortgage centres in July. They are located along Digo Road branch in Mombasa and Jamia Plaza in Nairobi. “Our ABF products have been put on fixed pricing with a maximum tenure of 5 years and we have started offering Mpesa within our network” said mr Omar.
FCB has also been awarded Best Islamic Finance Institution by the prestigious Global Finance Magazine based in New York and shortlisted for Best SME Bank in Kenya 2014 award by Capital Finance International based in London.