Kenya constitutes team to facilitate islamic finance reforms

Oct 18, 2016

The reforms will enable Kenya gain access to cheap loans from IDB and issue debut Sukuk

In a bid to meet the requirements for membership of Organization of Islamic Corporation and begin to access cheap loans from Islamic Development Bank, Kenya has constituted a technical team. The technical team set up last Friday consist of international consultants and nominees from the Central Bank of Kenya, Insurance Regulatory Authority, Capital Markets Authority, Retirement Benefits Authority and Saccos Societies Regulatory Authority. The team is saddled with the responsibility of making Islamic finance reforms that are required before Kenya can join OIC; this development consolidates the effort of Kenyan National Treasury since the beginning of the year to gain IOC membership. Speaking during the launch, Treasury Principal Secretary, Kamau Thugge said Kenya will consider issuing a sovereign Sukuk after implementation of Islamic finance reforms.