The Halal Times
Global Halal, Islamic Finance News At Your Fingertips
Bishop David Oginde’s opinion piece “Why expansion of Sharia laws remains perturbing” published in the Sunday Standard last weekend gave the impression that some proposed reforms in the Finance Bill 2017 portend danger simply because they touch on Islamic financial products. Bishop Oginde was clever in his approach but his message was loud and clear; Reforms to …
Islamic banking is quickly gaining popularity in the Kenyan market, and banks have been quick to tailor the product accordingly. Global regulations on Islamic banking dictate that for any institution to call itself an Islamic financing institution, there must be a Sharia supervisory and advisory board whose role is to ensure that the products or …
NAIROBI, KENYA: Although Islamic Banking is at nascent stage in the country, the faith-based lending model is becoming a fast growing trend in the Kenyan financial sector and showing indicators of exponential growth. The concomitant expansion of Islamic finance activities in the region and the huge Muslim population can be largely attributed to reforms in …
Higher education institutions in Kenya are yet to tap into the growing and lucrative demand for Islamic finance professionals needed by the rapidly-expanding multi-billion shillings niche sub-sector. While Kenya is gradually consolidating its position as the hub of Islamic finance in the region, local educational and training institutions are yet to respond to or anticipate …
United Arab Emirates (UAE) lender, Dubai Islamic Bank, is set to start operations in Kenya as the Government seeks to issue a Shariah-compliant Sukuk bond. Kenya aims to become a regional hub for Islamic banking while setting the sector as a source of development funds because of the large number of Muslims in Kenya. The …
NAIROBI, Kenya (RNS) In a country where 82 percent are Christian, halal, the dietary standard in Islamic law, is finding greater acceptance. Kenya is now home to a modest 100 halal-compliant food industry businesses, offering Muslims a choice of offerings and convenience, but that market may be growing. In addition to the country’s estimated 4 million …
Nairobi will next week host a forum on governance, risk and compliance for Islamic finance, building on the city’s quest to be regional hub for shariah-compliant products. The General Council of Islamic Banks and Financial Institutions (CIBAFI), the umbrella of Islamic financial institutions, is behind the three-day workshop which starts on Wednesday. The forum will …
A push to have Kenya tap into the Halal economy goldmine is gaining steam on the back of legal and regulatory reforms initiated by the various government agencies. Halal, an Arabic word, means lawful or permissible. With regard to food, it is the Islamic dietary standards, as prescribed in the Quran. It also encompasses non-food …
Kenya, East Africa’s largest economy, played host to the second annual East Africa Islamic Economy Summit hosted by the advisory firm, GBS Africa. The forum, which brought together stakeholders from across the financial sector, deliberated on how the East African region and the African continent in general can tap into the over Ksh 200 trillion …
The Ministry of Tourism in Kenya has backed rallying calls by the private sector for development guidelines for Sharia-compliant products in the hospitality industry. The country lacks a regulatory framework for Halal food and facilities. This has seen Kenya miss out on the growing Halal tourism globally, a forum in Nairobi heard yesterday. Tourism CS …
The Capital Markets Authority (CMA) CEO Paul Muthaura said the move will pave way for the issuance of the first sharia-compliant sovereign bond with an estimated value of 500 million U.S. dollars. Muthaura said the government has listed regulations aiming to create an international financial hub for sharia-compliant banking services in East Africa to serve …
Amendments to financial services regulation laws will be in place by June to facilitate speedy adoption of Sharia compliant products, the market watchdog said in Nairobi, Kenya, on Tuesday. The changes will affect the Capital Markets Act, Cooperative Societies Act and Sacco Societies Act and have been put in the Finance Bill 2017. “We are …
