Premier Bank, formally First Community Bank (FCB), is a Shari'ah compliant commercial bank in Kenya, the largest economy in the East African Community. The bank received a formal approval from the Central Bank of Kenya in 2007, the national banking regulator in the country but commenced its official operations on 1 June 2008.[1]
Overview
As of, 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
Premier Bank was established in 2007 as First Community Bank (FCB) to operate according to Islamic Shari'ah law by private Muslim investors in Kuwait, Kenya and Tanzania.[3]