I and M Bank Limited NASIRA Portfolio
Status: Approved investmentWhy disclosure?
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Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer?
The beneficiary is I&M Bank Kenya Limited (the "Bank"), a wholly owned subsidiary of I&M Group Plc, a public company listed on the Nairobi Securities Exchange (NSE). Its 1,207 employees serve more than 250,000 customers across the country through a network of 49 branches. The Bank prides itself on the possession of a rich heritage in banking. It has, over the years, evolved from a community financial institution to a publicly-listed major regional commercial bank offering a full range of corporate, business, and retail banking services. The Bank is a dominant player in the Kenyan market, having continually grown by leveraging its enhanced digital capabilities to become a Tier 1 Bank in the Kenyan banking industry. I&M Kenya’s client base comprises corporate and institutional clients, micro-, small-, and medium-sized enterprises (MSMEs), as well as retail banking customers. I&M Bank is traditionally known to service high-net-worth customers and corporate clients. It continues to achieve recognition for its services to MSMEs, including many that have grown with the Bank, with an increasing emphasis on delivery through digital channels.
What is our funding objective?
The funding objective is to support the establishment and operationalization of Shariah-compliant financial services within I&M Kenya. This involves providing the necessary financial resources and expertise to develop and implement Shariah-compliant products and services, ensuring they adhere to Islamic finance principles. Additionally, the funding will support capacity building, regulatory compliance, and the development of robust governance frameworks to ensure the sustainability and effectiveness of the Shariah-compliant business unit. This will help I&M cater to the needs of clients seeking compliance with the Islamic finance principles.
Why do we fund this investment?
The Nasira Technical Assistance Facility aims to enhance financial inclusion by supporting the development and implementation of innovative financial products and services that cater to underserved populations. The establishment of a Sharia-compliant business unit within I&M Bank Kenya aligns perfectly with this mandate. By offering Sharia-compliant financial products, the bank can attract and serve a significant segment of the population that seeks financial services adhering to Islamic principles. This, in particular, intends to serve the bottom of the pyramid and segregated segments of society, such as migrants. This initiative will promote financial inclusion and provide ethical and religiously compliant financial solutions to a broader customer base.
More investments
| Date | Total FMO financing |
|---|---|
| 6/29/2022 | KES 38.84 MLN |
| 6/29/2022 | KES 1638.42 MLN |
- Website customer/investment
- https://nasira.info
- Region
- Africa
- Country
- Kenya
- Sector
- Financial Institutions
- Publication date
- 8/11/2025
- Effective date
- 6/25/2025
- Total FMO financing
- EUR 0.08 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A