The Capital Markets Authority has licensed FCB Capital Investment Bank as Kenya’s first Islamic investment bank.

A fully-owned subsidiary of First Community Bank, FCB Capital will be the first of its kind in Kenya and the region to offer Sharia compliant investment banking.

“We are extremely delighted. This is another first for us,” said First Community Bank CEO, Nathif Adam.

He added that the bank plans to get into huge investment opportunities, which are currently untapped.

“This new bank is fully capitalised in line with CMA requirements and is expected to make a big difference in the banking investment field.”

He said the bank’s products and services would cover a wide range of Sharia compliant investment activities.

“The activities we are planning include capital market activities like Islamic bonds (Sukuk) and Sharia compliant stocks, property investment funds, including Real Estate Investment Trusts (REITs),” Mr Adam said.

He added that FCB Capital will also engage in mutual funds, including equity funds, which will invest in Sharia compliant Kenyan and regional stocks, project finance schemes and public-private partnership projects.