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.
First Community Bank 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.
First Community Bank 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.
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