The Gulf African Bank, a Kenyan Islamic bank, has announced a change in its shareholding following the acquisition of significant stakes by new investors.
In a notice dated April 24, 2026, GAB stated that Soren Investment Company Limited has acquired a 42.78 percent shareholding in the bank from Al Salam Bank and Istithmar World Limited.
“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.
Gulf African Bank added that Auron Holdings Limited also completed the acquisition of a 14.94 percent shareholding from the International Finance Corporation (IFC), further reshaping the bank’s ownership structure.
“Auron Holdings Limited (Auron) has completed the acquisition of 14.94% of the shareholding of Gulf African Bank from the International Finance Corporation (IFC),” read part of the notice.
UAE Investor Takes Major Stake in Gulf African Bank
Gulf African Bank noted that the transactions have obtained all necessary regulatory approvals and have been completed.
Further, GAB reaffirmed its commitment to delivering value while upholding its Shari’ah-compliant banking model.
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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.
In 2025, the Competition Authority of Kenya authorized the proposed merger of Gulf Africa Bank Limited by Soren Investment Company Limited.
The Authority announced that it had approved the acquisition of Gulf Africa Bank Limited by Dubai-based Soren Investment Company Ltd, a proposal made on May 16, 2025.
Before the acquisition, Gulf African Bank’s shares were privately held, with over 90% owned by institutional investors, including Istithmar PJS (UAE), which held a 32% stake, and the International Finance Corporation (IFC), which acquired a 16% stake in 2012 for US$5 million. Individual investors from the Persian Gulf, Kenya, and the U.S. held the remaining shares.
Gulf African Bank is Kenya’s leading Islamic bank, offering a competitive range of banking products to partner with customers for their banking needs through fair, safe, and ethical practices.
The bank operates under an Islamic banking regime, which means all its products and services adhere to Islamic law, prohibiting usury and the collection of interest.
Other shareholders include the Eastern and Southern Trade and Development Bank (TDB), GulfCap FZC, Sheik Abdullah Mohammed Al Romaizan, and other individual Investors from Kenya and the Gulf.
About Soren Investment Company
Soren Investment is a DIFC-registered entity in the United Arab Emirates, pursuing a strategic mandate to acquire banks and to expand banking and fintech capabilities across Africa.
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The company holds majority ownership in AGB Sudan and HAB Tanzania, reinforcing its commitment to strengthening and modernizing financial services in key African markets.
In addition, Soren owns a majority stake in a fintech company registered in DIFC, established to deliver digital solutions and technology-driven services to financial institutions.
Auron Holdings Limited is a private limited liability company incorporated in Kenya, wholly owned by Kenyan investors, with a diverse portfolio of business interests.
