Islamic banks in Kenya demand regulatory board
Local Shariah-compliant banks have proposed the formation of an independent national board to regulate Islamic banks as well as other conventional banks offering Islamic products. This, they said, will ensure that they operate according to the Islamic principles, says Chief Kadhi Sheikh Hammad Kassim.
Licensed mid last year, Islamic banks now command a market share of 1 per cent and this is projected to reach 10 per cent in the next five years, according to the Gulf Africa Bank CEO Najmul Hassan.
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Categories: Kenya
Tagged: Islamic Banking, Islamic finance
Shariah compliant insurance products in Kenya
The insurance industry in Kenya is in the process of developing Shariah compliant products and services to cater for the Muslim community.
Insurance Regulatory Authority (IRA) Chief Executive Officer Sammy Makove said the service was meant to cater for the Muslim community which has in the past been left out because products currently being offered do not conform to their religious teachings.
Makove said that due to their religious beliefs, Muslims have not been enjoying insurance services save for those that are a prescribed under the Kenyan laws like vehicle insurance.
Makove said the industry is currently in negotiations with banks and other stakeholders with a view to coming up with products that are acceptable to the Muslim fraternity.
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Categories: Kenya · Takaful
Tagged: Islamic Banking, Islamic finance, Islamic insurance, Takaful
