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 focus on supervision and sharia compliance.
This comes days after the Treasury unveiled a package of initiatives to develop Islamic finance in the country, as part of efforts to mobilise issuance of Islamic bonds, or sukuk in a country where Muslims account for about 10 per cent of the population of some 45 million.
“The Workshop will cover areas such as sharia governance, sharia compliance and Sharia non-compliance risk in Islamic Financial Institutions,” said CIBAFI.
Kenya has two full-fledged Islamic banks and several Islamic windows.
Islamic banks have traditionally practiced self-regulation in terms of their adherence to religious principles.
Originally published on www.businessdailyafrica.com