Kenya’s financial regulator has proposed a separate regulatory framework for Islamic financial institutions as part of a broad ten-year strategy designed to boost capital┬ámarkets.

Most estimates put the number of Muslims in Kenya at only about 15 percent of the population of 40 million. But Shariah-compliant finance, which is also being developed by several other sub-Saharan countries in Africa such as Nigeria, is designed to open Kenya to investment from cash-rich Islamic funds in the Gulf and southeast Asia.



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