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Market News

Body wants uniform tax to make Islamic finance more attractive

Times Tower. FILE PHOTO | NMG
Times Tower. FILE PHOTO | NMG 

Islamic Finance Project Management Office (PMO) is proposing same tax on Islamic finance products with conventional offerings to make them more attractive.

A three-day regional Islamic finance workshop in Nairobi starting Monday heard that such a measure will enshrine Islamic finance in the country.

Other measures should include government leading in issuance of sovereign Sukuk and development of Islamic liquidity management solutions for Shariah governance.

PMO is a body set up by the government to lay the foundation for a consolidated national approach to establishing this complimentary system of finance.

PMO has representatives from Central Bank of Kenya, Capital Markets Authority, Retirement Benefits Authority, Insurance Regulatory Authority and Sacco Societies Regulatory Authority (Sasra).

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