IslamicFinance.de

Businessmen, policy makers and top government officials met at the 2016 East African Islamic Finance Summit in the Kenyan capital of Nairobi to discuss how to build a regulatory infrastructure that could enable the financial system to deliver in east Africa. There is a need for legislative changes in order to promote Islamic finance in the east African region, Mona Doshi, an expert in Islamic finance who works with the Kenyan law firm Anjarwalla and Khanna, said. She said the current legal framework that applied to Islamic banks was based on conventional banking systems, though adjustments have been made for the special nature of Islamic banks. She furthermore urged the Kenyan government to change the legal framework to take advantage of the opportunities that Islamic finance could bring to Kenya.