First Community Bank

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For the Bluefield, Virginia, USA bank, see First Community Bancshares.
First Community Bank
Type Private
Industry Financial Services
Founded 2007
Headquarters Nairobi, Kenya
Key people Hassan Varvani
Chairman
Nathif Jama Adam
Managing Director
Omar Sheik
General Manager
Products Checking, Savings, Investments, Debit Cards
Revenue IncreaseAftertax:US$1.518 million (KES:131.202 million) (2013)
Total assets US$130.85 million (KES:11.305 billion) (2013)
Website www.firstcommunitybank.co.ke

First Community Bank (FCB), is a commercial bank in Kenya, the largest economy in East Africa. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[1]

Overview[edit]

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).[2] At that time, the bank was ranked number 33, by assets, out of 43 licensed banks in Kenya then.[3]

History[edit]

First Community Bank was established in 2007 according to Sharia law by private Muslim investors in Kuwait, Kenya and Tanzania.[4] 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.[5][6]

Subsidiaries[edit]

The bank's first subsidiary is FCB Takful Insurance Agency, in which it maintains 100% shareholding. The insurance agency was established in 2010.[7] 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.[8]

Branch network[edit]

As of August 2014, the bank maintains a network of branches at the following locations:[9]

  1. Wabera Street Branch - Prudential Assurance Building, Wabera Street, Nairobi
  2. Eastleigh Branch I - United Textile Building, First Avenue, Eastleigh, Nairobi
  3. Eastleigh Branch II - General Warungu Street, Eastleigh, Nairobi
  4. Industrial Area Branch - Enterprise Road, Nairobi
  5. Kimathi Street Branch - Jamia Mosque, Nairobi
  6. Westlands Branch - Mpaka Plaza, Mpaka Road, Westlands, Nairobi
  7. South C Branch - South C Shopping Center, Nairobi
  8. Garissa Branch - Bajweed Building, Wajir Road, Garissa
  9. Habaswein Branch - DC Road, Habaswein
  10. Industrial Area Branch - Enterprise Road, Industrial Area, Nairobi
  11. Kisumu Branch - CAC House, Oginga Odinga Street, Kisumu
  12. Nakuru Branch - Merica Hotel Building, Kenyatta Avenue, Nakuru
  13. Malindi Branch - Malindi Shopping Complex, Lamu Road, Malindi
  14. Masalani Branch - Downtown Masalani, Masalani
  15. Mombasa Branch I - Shah Mansion Building, Digo Road, Mombasa
  16. Mombasa Branch II - Kazingo Road, Mombasa
  17. Moyale Branch - Sharriff Guest House, Moyale
  18. Wajir Branch - Mandera Road, Wajir

Governance[edit]

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.

See also[edit]

References[edit]

  1. ^ CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 9 August 2014. 
  2. ^ FCB, . (2014). "Audited 31 December 2013 Financial Statement". First Community Bank (FCB). Retrieved 9 August 2014. 
  3. ^ Bankelele, . (28 April 2014). "Kenya Bank Rankings By Assets In 2013". Bankelele.Co.Ke. Retrieved 9 August 2014. 
  4. ^ Muslim, Investor (8 July 2014). "Kenya's First Islamic Bank Steps Up Staff Recruitment". :Muslim-Investor.Com. Retrieved 9 August 2014. 
  5. ^ Harress, Christopher (26 September 2013). "Islamic Banking Revolution: Africa Is Seeing An Explosion In Banks Looking To Cash In On Continent's Growing Muslim Population". International Business Times (New York). Retrieved 10 August 2014. 
  6. ^ Financials, . (3 June 2010). "Kenyan Islamic Bank Gulf Says Swings To Q1 Profit". Thomson Reuters. Retrieved 10 August 2014. 
  7. ^ Kiragu, Peter (24 January 2014). "Islamic Re-Insurance To Be Unveiled This Year". The Star (Nairobi). Retrieved 10 August 2014. 
  8. ^ FCBK, . "Profile of FCB Capital Limited". First Community Bank of Kenya (FCBK). Retrieved 10 August 2014. 
  9. ^ FCBL, . "The Branch Network of First Community Bank". First Community Bank Limited. Retrieved 10 August 2014. 

External links[edit]