Shariah compliant insurance products in Kenya
The insurance industry in Kenya is in the process of developing Shariah compliant products and services to cater for the Muslim community.
Insurance Regulatory Authority (IRA) Chief Executive Officer Sammy Makove said the service was meant to cater for the Muslim community which has in the past been left out because products currently being offered do not conform to their religious teachings.
Makove said that due to their religious beliefs, Muslims have not been enjoying insurance services save for those that are a prescribed under the Kenyan laws like vehicle insurance.
Makove said the industry is currently in negotiations with banks and other stakeholders with a view to coming up with products that are acceptable to the Muslim fraternity.
Islamic Finance Resource 