A statement from the organizers – East Africa Business Network, GBS Africa and Anjarwalla and Khanna said the meeting will chart the way forward for Islamic Finance development in East Africa.

Islamic “The East Africa Islamic Finance summit will also explore economic and political prospects for the region and how they may impact on Islamic Finance development, trade and investment in East Africa,” the statement said.
The Islamic Finance industry has seen large increases in recent years, with an annual growth rate of over 20 percent.

East Africa features a potentially strong demand for Islamic Finance services and products, presenting significant opportunities to deepen and broaden financial intermediation.

Kenya, East Africa’s largest economy ever keen to be at the forefront of regional trends in business and finance markets, seeks to promote the country’s potential as a leader in Islamic Finance.

The statement said Kenya’s potential and efforts towards promoting Islamic Finance development will be unveiled at the summit which has attracted participants and speakers from the region’s key institutions, financial regulators from Mauritius and Malaysia and experts in Islamic Finance from the GCC.

During the summit, Kenya Bankers Association will also launch a paper on Islamic banking and economic infrastructure.

The conference comes as the East African nation is currently putting in place mechanisms to emerge as the Islamic finance hub of East Africa.

Cabinet Secretary in the National Treasury Henry Rotich said in January that Kenya has already a significant concentration of prospective consumers of Islamic financial products and services.

“Given the availability of an established market infrastructure for conventional financing, Kenya is well placed to carve its position as a key player for providing Shariah compliant services in the region,” Rotich said. Enditem

Source: Xinhua

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