First Community Bank

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.[1]

For the Bluefield, Virginia, USA bank, see First Community Bancshares.
First Community Bank
TypePrivate
IndustryFinancial Services
Founded2007
HeadquartersNairobi, Kenya
Key people
Sheikh Mohamed Mbaye
Chairman
Hussein Hassan
Chief Executive Officer
ProductsChecking, savings, financing, investments, debit cards
RevenueAftertax:US$1.518 million (KES:131.202 million) (2013)
Total assetsUS$130.85 million (KES:11.305 billion) (2013)
Number of employees
300+
Websitewww.firstcommunitybank.co.ke

Overview

As of December 2019, the bank's total assets were valued at about US$187.62 million (KES:18.762 billion), with shareholders' equity of about US$14 million (KES:1.46 billion), and customer deposits of US$161 million (KES:16.126 billion).[2] At that time, the bank was ranked number 21, 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.[3] 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.[4][5]

Subsidiaries

The bank's first subsidiary is FCB Takful Insurance Agency, in which it maintains 100% shareholding. The insurance agency was established in 2010.[6] 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.[7]

Branch network

As of March 2020, the bank maintains a network of branches at the following locations:[8]

  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. Lunga Lunga Branch - Lunga Lunga Road, Industrial Area, Nairobi
  10. Kisumu Branch - CAC House, Oginga Odinga Street, Kisumu
  11. Nakuru Branch - Merica Hotel Building, Kenyatta Avenue, Nakuru
  12. Malindi Branch - Malindi Shopping Complex, Lamu Road, Malindi
  13. Mombasa Branch I - Shah Mansion Building, Digo Road, Mombasa
  14. Mombasa Branch II - Imara Building, Digo Road, Mombasa
  15. Moyale Branch - Shariff Guest House, Moyale
  16. Wajir Branch - Mandera Road, Wajir
  17. Mihrab Branch- FCB Mihrab Building, Lenana Road Nairobi
  18. Isiolo Branch- White House Building, Moyale-Isiolo Road Isiolo
  19. Bondeni Branch- Bat-Haf Plaza, Abdel Nasser Road Mombasa
  20. AMAL Branch- Amal Plaza, Eastleigh First Avenue Nairobi

Governance

The bank is governed by Board of Directors. Sheikh Mohamed Mbaye, one of the non-Executive Directors, is the Chairman of the Board. The Chief Executive Officer is Dr. Hussein Assad Ahmed Hassan.

See also

References
  1. CBK, . "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 9 August 2014.CS1 maint: numeric names: authors list (link)
  2. FCB, . (2020). "Audited 31 December 2019 Financial Statement". First Community Bank (FCB). Retrieved 31 March 2020.CS1 maint: numeric names: authors list (link)
  3. Muslim, Investor (8 July 2014). "Kenya's First Islamic Bank Steps Up Staff Recruitment". :Muslim-Investor.Com. Retrieved 9 August 2014.
  4. 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.
  5. Financials, . (3 June 2010). "Kenyan Islamic Bank Gulf Says Swings To Q1 Profit". Thomson Reuters. Retrieved 10 August 2014.CS1 maint: numeric names: authors list (link)
  6. Kiragu, Peter (24 January 2014). "Islamic Re-Insurance To Be Unveiled This Year". The Star (Nairobi). Archived from the original on 10 August 2014. Retrieved 10 August 2014.
  7. FCBK, . "Profile of FCB Capital Limited". First Community Bank of Kenya (FCBK). Archived from the original on 17 August 2014. Retrieved 10 August 2014.CS1 maint: numeric names: authors list (link)
  8. FCBL, . "The Branch Network of First Community Bank". First Community Bank Limited. Archived from the original on 17 August 2014. Retrieved 31 March 2020.CS1 maint: numeric names: authors list (link)
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