KENYA’S plans to develop Islamic finance include a wideranging taxation review and the establishment of a national sharia board, steps which could set it ahead of other African countries aiming to develop the sector.
The country wants to build up the industry as part of a longterm plan to turn Nairobi into an international financial centre and as a way to help finance infrastructure projects by building commercial links across Africa and the Middle East.
Kenya’s decade-old Islamic finance sector includes two fullfledged Islamic banks and several Islamic windows, but until now they have operated by way of exemptions, and a lack of clear rules have stunted growth.
Dr. Bilal Philips