IslamicFinance.de

The first ever Islamic re-insurance is expected to be launched this year as the Kenya Reinsurance Corporation ventures into Sharia-compliant business. The Capital Markets Authority says in its new 10-year master plan that Kenya Re has the potential to provide a regional platform for this product since it has presence in West Africa and Middle East markets. The master plan has also proposed for the creation of a regulatory framework for Islamic capital markets focusing on corporate governance, disclosures, a policyholder compensation fund and responsible pricing. The CMA has in addition proposed the development of a separate policy, legislative and regulatory framework for Islamic products and services covering Islamic financial institutions, financial regulators, Islamic groups and the Ministry of Finance. This policy will run parallel to the conventional Act.