Central Bank of Kenya and the International Centre for Education in Islamic Finance (INCEIF) have rolled out a programme to deepen Sharia banking in eastern Africa.
CBK and the centre through the Kenya School of Monetary Studies (KSMS) in Nairobi have designed a certification programme for senior bank and sacco officials on the governance of Islamic transactions and products.
“In this collaborative arrangement, KSMS is leveraging the expertise INCEIF has developed over the years in delivering a globally recognised certificate in Islamic banking,” said CBK governor Njuguna Ndung’u at the programme’s launch.
The certificate is for the wider Common Market for Eastern and Southern Africa region.
Globally the industry has assets worth $1.6 trillion which is expected to grow to $2.5 trillion by 2015, a 56 per cent increase and the government has in the past said that this is a deep pool it is targeting.
The Treasury, the CBK, Capital Markets Authority and the Sacco Societies Regulatory Authority have introduced laws to allow banks and other financial institutions sell Islamic finance products.
First Community Bank and Gulf African Bank are Kenya’s only fully-fledged Islamic banks.