Islamic banks in Kenya demand regulatory board

Islamic banks in Kenya demand regulatory board


Local Shariah-compliant banks have proposed the formation of an independent national board to regulate Islamic banks as well as other conventional banks offering Islamic products. This, they said, will ensure that they operate according to the Islamic principles, says Chief Kadhi Sheikh Hammad Kassim.

Licensed mid last year, Islamic banks now command a market share of 1 per cent and this is projected to reach 10 per cent in the next five years, according to the Gulf Africa Bank CEO Najmul Hassan.

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