IslamicFinance.de

The Central Bank of Kenya (CBK) is asked to enact a sector-specific legislation tailored to Islamic finance sector to monitor and regulate transactions. According to Jacqueline Wangui, Partner at MMC Africa Law, the absence of specific legislation on Islamic finance is in itself a hindrance to the realization of the financial benefits. Wangui proposed that embedding a Shariah council within the structure of the CBK could go a long way. The Sharia council would constitute of local and international Islamic scholars to sit in an advisory capacity with the aim of producing a congruent regulatory framework for Islamic financing. Currently, there is no overall regulator at the level of the CBK appointed to specifically oversee the management of Islamic financing and its products.