IslamicFinance.de

Kenya launched an office dedicated to oversee its Islamic finance industry and help prepare for the issue a debut sovereign shariah-compliant bond. With 11% of Muslim population, Kenya has seen the emergence of Islamic institutions in recent years, including two banks, five Islamic banking windows offered by commercial lenders, insurance firms and a unit trust fund. The government wants to build up the industry as part of a long-term plan to turn Nairobi into an International Financial Centre. Kenya, which has applied to become a member of the Islamic Financial Services board, is carrying out legal and policy reforms to facilitate the growth of the industry. According to Kamau Thugge, the principal secretary at the Treasury, the government will consider issuing a sovereign Sukuk as soon as the legal and policy reforms are implemented.