Kenya as next boom market for Islamic finance

ISFIN has co-organized the first Islamic Economy summit in Kenya with GBS Africa and Anjarwalla & Khanna and Kenyan authorities are said to be taking seriously the Muslim friendly market segment.

This was one of the core lessons of the East Africa Islamic Economy Summit which took place in Nairobi, the first Islamic Economy summit organized in East Africa.

Zineb Bensaid from ISFIN addressed the importance of understanding the consumer requirements as well as the need for proper education in that sector. Houssem Eddine BEDOUI from the Islamic Research and Training Institute of Islamic Development Bank group highlighted the importance of having different key building blocks needed in the regulatory framework to develop the Islamic finance within a country and he emphasised on IRTI/IDB activities with different stakeholders of the Islamic finance ecosystem and mainly with the regulators. He emphasised as well on the importance of trainings and education to develop talents remarkably needed in the industry globally and in East Africa particularly.

Paul Muthaura, CEO of Kenya’s Capital Markets Authority, said that, together with other actors of the industry, they are working on the regulatory framework to develop Islamic Finance in the country and all the necessary amendments to allow the Kenyan government to issue the Sukuk.

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