Kenya's FCB Capital, a subsidiary of Family Community Bank, has been licensed as an investment bank, and has announced the imminent launch of structured funds. The new investment bank wants to become a main player in niche investment opportunities, including property investment, mutual and structured funds, it said.
FCB Capital chief executive Nathif Adam said the bank is fully capitalised in line with Kenya's Capital Markets Authority (CMA) requirements, as he announced plans to make a thrust into untapped investment opportunities: "This is yet another quick 'first' for us, and a confirmation of our commitment to deliver value to the community and our country," he noted.
Adam said the group aims to deliver a full choice of alternative investment opportunities through FCB Capital, "Enabling Shariah-compliant investors to construct balanced portfolios." Adam said the bank's products and services will cover a wide range of Shariah-compliant investment activities, including Islamic Bonds (sukuk) and Shariah-compliant stocks.
Kenya's Capital Markets Authority recently granted new licences to seven other financial services providers in a move to broaden and deepen the country's capital markets. The new licensees include Alliance Capital Partners Ltd and Citidell Management as investment advisers, and CIC Asset Management as fund manager. FCB Capital Investment Bank was licensed as an investment bank.