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Mar 2024

Kenya: Takaful rules to be drafted to promote Islamic finance

Source: Middle East Insurance Review | May 2017

The Insurance Regulatory Authority (IRA) plans to draft a new set of rules governing takaful as Kenya positions itself as a regional Islamic financial hub.
 
   This follows the enactment of the Insurance (Amendment) Act 2016, which came into force on 1 January, reported Business Daily.
 
   Ms Mary Nkoimu, Head of Composite Insurers Supervision of IRA, said however that the current provisions are not appropriate for the growth of takaful, hence the need to have a different set of regulations. IRA will draft specific regulations which will apply to takaful only.
 
   Kenya’s Islamic finance sector currently includes three Islamic banks, a takaful company and several Islamic windows. Takaful Insurance of Africa is the only Shariah-compliant insurer in the country where it was established in 2010. M 
 
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