Organisations offering sharia-compliant financial services plan to set up a lobby group to champion for better legal and regulatory framework to boost growth of this sub-sector.
They have consequently formed a team to prepare for the Association for Islamic Finance in Kenya scheduled to be unveiled soon to advocate for better policies.
The team was unveiled at an Iftar dinner hosted by Aqeel Consulting Ltd over the weekend at the Intercontinental Hotel.
According to players in the Islamic finance, lack of an association has been holding back growth of the industry.
“Formation of an association will help come up with necessary legal and regulatory framework critical for the growth of the industry. It will help put up a united front in lobbying for requisite policy and legal changes,” Takaful Insurance of Africa Group CEO Hassan Bashir said.
Kenya is the first country in East Africa to introduce Islamic Finance and in the last eight years the country has licensed two full-fledged Islamic banks - First Community and Gulf Africa bank. The country also has a sharia –compliant insurance company -Takaful Insurance launched in 2014, three sharia-compliant saccos and one investment fund.
- Thank you for participating in discussions on The Star, Kenya website. You are welcome to comment and debate issues, however take note that:
- Comments that are abusive; defamatory; obscene; promote or incite violence, terrorism, illegal acts, hate speech, or hatred on the grounds of race, ethnicity, cultural identity, religious belief, disability, gender, identity or sexual orientation, or are otherwise objectionable in the Star’s reasonable discretion shall not be tolerated and will be deleted.
- Comments that contain unwarranted personal abuse will be deleted.
- Strong personal criticism is acceptable if justified by facts and arguments.
- Deviation from points of discussion may lead to deletion of comments.
- Failure to adhere to this policy and guidelines may lead to blocking of offending users. Our moderator’s decision to block offending users is final.