Suleiman Shahbal is one of Kenya’s most accomplished investment bankers, with a career spanning more than 25 years across global markets.
An adept investment banker with vast experience, Shahbal has spearheaded major projects across the world. As the Founder and Chairman of GulfCap Africa, he has demonstrated remarkable expertise in finance and development.
He also chaired Buxton Point Apartments Limited, overseeing Kenya’s largest affordable housing initiative.
His tenure as Chairman of KenTrade from 2018 to 2021 underscored his dedication to trade facilitation and economic growth.
Moreover, Shahbal is the visionary founder of Gulf African Bank, Kenya’s first fully Shariah-compliant financial institution, which revolutionized the local banking landscape and set the foundation for Islamic finance in the country.
Today, the bank ranks among Kenya’s top 15 financial institutions by assets and customer base.
Suleiman Shahbal, Mastermind Behind Kenya’s First Islamic Bank
In the energy sector, Shahbal is best known for establishing Gulf Energy Holdings, Kenya’s fourth-largest energy company, with operations in Uganda, Tanzania, Rwanda, Burundi, Zambia, and South Africa.
His stake in Gulf Energy is held through Monte Carlo Investments Limited, a firm he wholly owns. In 2020, French multinational Rubis Energie sought regulatory approval to acquire shares in the company, marking one of the region’s most notable investment deals.
Before venturing into entrepreneurship, Shahbal built an illustrious career in international banking, holding senior positions at Citibank.
There, he served as Head of Private Banking for the Gulf and Yemen, and Bank Muscat SAOG (Oman), where he was Deputy General Manager for International Operations.
In these roles, he was instrumental in establishing banks in India, Bahrain, and Saudi Arabia, demonstrating his expertise in multinational and regional financial operations.
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Education Background
Shahbal holds a master’s degree in business administration from the University of Illinois at Urbana-Champaign, class of 1989.
Beyond his corporate success, he is also an author and historian, best known for his book “Zanzibar: The Rise and Fall of an Independent State (1895–1964)”, which explores the island’s political evolution.
From banking and energy to housing and trade, Suleiman Shahbal’s legacy is defined by innovation, strategic leadership, and a relentless pursuit of national development.
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About Gulf African Bank
Gulf African Bank (GAB) is a leading Small and Medium Enterprises (SME) bank in Kenya, operating within the confines of Shari’ah principles. GAB is an SME-focused financial partner dedicated to supporting your business growth.
It actively supports the growth of the SME sector by providing comprehensive financing and business development services designed to effectively speed up growth for your business and the country.
The institution became the first Islamic bank in Kenya, incorporated on August 9, 2006, and began full operations on January 8, 2008, after receiving Kenya’s first fully-fledged commercial banking license from the Central Bank of Kenya as a dedicated Islamic bank.
Since 2008, the bank has been actively involved in driving growth within Kenya’s financial sector, serving as a one-stop financing and business development centre for corporates, small and medium enterprises (SMEs), and retail customers.
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