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IFN Forum was the second stop in the inaugural of three part IFN Africa roadshow 2019 following Nigeria and now Kenya roadshow, the road show will continue in South Africa.
IFN Kenya has brought together stellar line-up for speakers comprising of senior industry players, decision makers and regulators to explore the exciting shariah finance opportunities the country has to offer, discuss the biggest market trends and debate hard hitting policy.
In recent years, the continent has seen promising developments in the Islamic finance space: country and regional authorities are pushing for new regulations to facilitate Shariah compliant transactions; new financial institutions offering Islamic products are emerging; foreign banks are establishing an African presence primarily to tap the Muslim population; and more African sovereigns are making their mark in the Sukuk space.
Speaking during the opening of the event ,when he presided over as the guest speaker, MR. Nzomo Mutuku, CEO of the Retirement Benefit Authority said that there is a need we as EA to explore more in the Islamic financial sector, in order to bring development partners together for the common good of the nation.
Kenya has been one of the fastest-growing economies in Africa, is now a leading contender in the bid to become Africa’s Islamic finance hub.
Efforts by Kenya’s financial regulators have paid off and paved the way forward for the country’s Islamic finance industry. With its much anticipated sovereign issuance, recently proposed CMA legislation promoting the use of Islamic financial products and the government’s commitment to position Kenya as a centre of excellence for Shariah finance, the Islamic Corporation for the Development of the Private Sector.
The event is held following a suit on the recent development in the international Islamic financing and Sukuk markets.
The Sukuk, is an instrument in Islamic finance, which has been growing in recent years. Many policy makers and businesses are looking at the Sukuk markets as sources of long-term financing.
Sukuk aspirations was finally realized in 2017 and its only Islamic bank receiving an international operating license, Nigeria has a lot to offer to the global Islamic finance industry. The African nation has been steadily giving stiff competition to its neighbors like South Africa, Uganda, Kenya and Djibouti on the Shariah front and with its debut sovereign Sukuk, Nigeria sealed its place at the top of the regional Islamic finance league.
According to Joel Macharia, founder and CEO of Abacus Kenya, believed the financial inclusion in East Africa is the key to exploration in our many opportunities, he adds
Africa was the first continent into which Islam spread from SE Asia and is now home to almost one-third of the world’s Muslim population. Although interest in Islamic finance continues to spread across this diverse yet complex continent, it has remained a difficult market to penetrate. With this in mind, IFN will organize the inaugural IFN African Roadshow taking in three of the most likely markets to see Shariah compliant financing flourish in the coming years.