This morning the Chamber President Dr. Erick Rutto hosted the Executive Director of Premier Bank Mr. Tengeri Osoro.
Premier bank is a privately owned Sharia-compliant commercial bank incorporated in Kenya on 20th April, 2023 through the acquisition of the majority shares in First Community Bank. It was approved by the Central Bank of Kenya on 18th May, 2023 to trade as Premier Bank Kenya.
Premier bank will leverage on cutting-edge technology to empower customers, Business and revolutionize their banking experiences. With a focus on customer-centricity, they are not just about offering another banking option; it’s about delivering a transformative end to end banking experience.
For KNCCI members that are considering Sharia-compliant financial products, it’s important to note that Sharia finance adheres to Islamic principles, which prohibit activities such as charging or paying interest (riba) and engaging in excessive uncertainty (gharar).
Here are some Sharia-compliant financial products that may be suitable for Chamber members through Premier Bank:
Islamic Business Financing
A profit-sharing partnership where one party provides the capital, and the other provides expertise. Profits are shared based on a pre-agreed ratio, but losses are borne by the capital provider.
An arrangement where the financial institution purchases an asset and sells it to the client at a profit. The client repays in installments.