Islamic insurance is growing in popularity in Africa, with Kenya licensing and regulating takaful business through the Insurance (Amendment) Act 2016. The new legislation will establish Kenya as a leading financial hub for Islamic business in Africa, with the country already boasting two Islamic banks and one Islamic windows, five takaful company, five retakaful window, five unit trust fund and two credit unions. The legislation was signed in the final week of 2016, following on the heels of the Capital Markets Authority being admitted to the Council of the Islamic Fianncial Services board as an associate member.
Islamic insurance is growing in popularity in Africa, with Kenya licensing and regulating takaful business through the Insurance (Amendment) Act 2016. The new legislation will establish Kenya as a leading financial hub for Islamic business in Africa, with the country already boasting two Islamic banks and five Islamic windows, one takaful company, one retakaful window, one unit trust fund and two credit unions. The legislation was signed in the final week of 2016, following on the heels of the Capital Markets Authority being admitted to the Council of the Islamic Fianncial Services board as an associate member.