Kenya: Regulator to speed up completing takaful framework

Source: Middle East Insurance Review | Dec 2019

The Insurance Regulatory Authority (IRA) has pledged to hasten the completion of a takaful framework to promote the growth of the market segment.

The move comes amidst rising demand for takaful products among the Muslim population, reported the Standard newspaper.

IRA supervision officer Eric K’Omollo, speaking at a recent Islamic insurance conference in Nairobi, said the takaful framework would be gazetted soon.

“As a regulator, we look at takaful as a new business model in the industry with potential customers across Kenya. Hence our continued efforts to ensure that the framework is fully complete and gazetted soon in order to allow for the growth of takaful products in the country,” he said.

Kenya Re managing director Jadiah Mwarania noted that the market demand for takaful products among the Muslim population in Kenya is growing. An insurance gap exists because huge numbers of the Muslim population lack access to Islamic insurance products, he said. M

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