The African continent is perhaps the next major frontier for Islamic finance, and with its wealth of natural resources, large Muslim population across many of its most influential countries and growing global economic influence, the region is attracting increasing attention from the industry. Trade flows are picking up, infrastructure is escalating and investment is on the rise.
Both accompanying and advancing its progress is the inevitable development of the banking sector, the expansion of which is essential to support this growth. One of the most advanced economies in eastern Africa, Kenya has seen its banking sector grow by over 240% over the last five years, making it one of the most exciting economies to watch in the region. With a Muslim population of 30%, a history of Islamic banking stretching back almost a decade and a strongly supportive government, the country is cementing its position as one of the central hubs for the Islamic finance industry in Africa.
In our final Islamic Finance news special report of the year we bring you a comprehensive analysis of the development of Islamic finance in Kenya: covering the retail, insurance, microfinance and capital markets. With firm foundations already built and a bright future stretching ahead, the country represents one of the rising stars in the Islamic finance firmament. We hope you find it a rewarding read, and wish all our readers a very happy new year.
Islamic Finance in Kenya
Over the last eight years Kenya has demonstrated considerable promise in the area of Islamic finance; and in its Vision 2030 aims to develop into an international financial center as well as a hub for eastern and central Africa for Islamic finance. BILAL ABDULAZIZ LAV explores the growth of the industry.....