UAE firm acquires majority stake in Gulf African Bank
Soren Investment Company Limited holds majority ownership in Africa and Gulf Bank (AGB) Sudan, which provides Sharia-compliant products, as well as Habib African Bank (HAB) Tanzania.
A United Arab Emirates investment agency has acquired a major shareholding in Gulf African Bank. The acquisition is among stakeholder changes that have seen the bank undergo a significant shift in its ownership structure.
In a notice dated April 24, 2026, the Shariah financial institution stated that Soren Investment Company Limited has acquired a 42.78 percent shareholding in the bank from Al Salam Bank of Bahrain and Istithmar World Limited of Dubai.
“Soren Investment Company Limited (Soren) has completed the acquisition of 42.78% of the shareholding of Gulf African Bank from Al Salam Bank and Istithmar World Limited,” read part of the notice.
Based in Dubai, United Arab Emirates, Soren Investment Company Limited holds majority ownership in Africa and Gulf Bank (AGB) Sudan, which provides Sharia-compliant products, as well as Habib African Bank (HAB) Tanzania.
In addition, Auron Holdings Limited has also completed the acquisition of a 14.94 percent shareholding from the International Finance Corporation (IFC), further reshaping the bank’s ownership structure. Headquartered in Washington, D.C., the IFC is the investment arm of the World Bank.
Auron Holdings Limited is a private limited liability company incorporated in Kenya, wholly owned by Kenyan investors, with a portfolio of business interests in the energy sector.
The two entities have acquired a combined 57.72% stake in the bank.
Investors, including Trade and Development Bank (TDB), GulfCap FZC, Saudi Arabia entrepreneur Sheikh Abdullah Mohammed Al Romaizan, and other individuals from Kenya and the Gulf, hold the remaining shares.
Gulf African Bank stated that the transactions, which have received all necessary regulatory approvals, reflect growing confidence in both its operations and the wider Kenyan banking sector.
The bank reaffirmed its commitment to upholding its Shari’ah-compliant banking model.
In 2025, the Competition Authority of Kenya authorized the proposed acquisition of Gulf African Bank Limited by Soren Investment Company Limited.
The Authority announced that it had approved the acquisition of Gulf African Bank Limited by Dubai-based Soren Investment Company Ltd., following a proposal made on May 16, 2025.
Gulf African Bank opened its doors in 2008, becoming the first fully fledged Islamic bank in Kenya. The bank offers a competitive range of products and partners with customers to meet their banking needs through fair, safe, and ethical practices.