Kenya: Takaful windows get green light

Source: Middle East Insurance Review | Jun 2015

Kenya’s Insurance Regulatory Authority has introduced new takaful rules which will allow conventional players to offer Shariah-compliant products through windows.

The rules will come into effect in June, and firms are required to adhere to the requirements by December, according to a document from the Authority. Separate financial reporting requirements will be placed on windows, and operators must also maintain separate takaful funds for their general and life businesses.

Islamic finance accounts for roughly 2% of total banking business in Kenya, where Muslims make up about 15% of the population of 40 million.

Kenya has one full-fledged takaful firm, Takaful Insurance of Africa.

Comment | Print

Name*

Email*

Comment*

Code Verification*

Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.