Corporate Interview with CEO Antone Wambura

Antone Wambura, CEO, Crescent Takaful is a man who in line of duty, has mastered the art of business management. When  time was ripe, he branched out to form his own firm, Crescent Takaful Sacco — the first sharia compliant Sacco in Kenya. Interestingly, he is a non-Muslim and more than 55 per cent of his clients practice Christian faith. Faithful to his job, Wambura has stocked up his wardrobe with orange and purple suits, the official colours of his company. The 37 year old says that he saw a niche and decided to cash on it:

What prompted you to start this business?

I wanted to offer financial inclusion and complete the Islamic financial infrastructure in Kenya, particularly with the largely un-banked and under-served communities such as rural farmers, pastoralists, and lower-income urban communities irrespective of religion, gender, race or creed

Sharia compliant banking is not a familiar term to many. What is the selling point of this service?

We   strictly follow religious and ethical connotations. We do not transact in anything that is considered exploitative (haram). Chiefly, is the fact that we do not transact on interest rates. We offer interest free loans. We also do not engage in money that would be considered as haram; for instance- gambling, a casino, tobacco wholesalers, brothels, bar and a pub among others

Which services do you offer?

We offer various services including mobile payments, international remittances, cheque issuing services: diaspora remittance services, cash handling among other payments services

How long have you been in the market?

For over four months, we already have over 600 clients. More than half of these numbers are non-Muslims

You chose quite interesting names, what does Crescent Takaful stand for?

The word Crescent has been immortalised from its association with the ‘Crescent and Star’, the symbols of the Ottoman Empire that pre-dates Islam. Takaful can be described as “a scheme based on brotherhood, solidarity and mutual assistance to members who agree to contribute to a mutual fund for financial aid and assistance.

Where do you bank?

(Laughs) I bank here, at Crescent Takafu. The little excess I occasionally have, I bank at First Community Bank, my former owner

Do you have other branches?

No, we are currently only based here in Nairobi but plans are currently underway to open up in other areas such as the North Eastern regions of Wajir, Garissa and Mandera and Mombasa we want to be in Mombasa. The demand is high since about the 15,000 Saccos in Kenya, few are here. We want to serve the need of the people.

Tell us about your education background?

I am an alumnus of Starehe Boys Centre and hold a B.A (Economics) from Egerton University. I also have a PostGraduate Executive Diploma in Financial Management from KCA University.

What was your first job?

I worked as a research associate at the Kenya Institute of Public Policy Research and Analysis (Kippra) for the Nakuru Town houses survey in water whilst still at Egerton.  After school, in 2003, I worked at Equity bank as a credit clerk earning Sh23, 000 per month.

What is your relationship status?

I am married to one wife, (laughs) and we have three children.

What is the assumption that people have of you?

That I am extra serious. I have a corporate face so many think that I am not fun.

How is Corporate Social Responsibility  different from other Saccos?

We are creating a demonstrable impact through our product offerings.  We have a deliberate affirmative agenda through our ‘Impact Community Finance Programme’ to serve low income earners. We provide financial services for basic goods and services profit-free (at zero cost) or significantly subsidise the costs to disadvantaged communities in the economic or financial realm.

These services include financing basic education, basic health, subsistence agriculture, basic insurance protection, and basic micro-finance at the bottom-of-the-pyramid. We also have a social commitment to financing agricultural sector in general and pastoral communities in particular.

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