Published On: Sun, Jan 24th, 2016

East Africa Islamic Finance Summit ‘ Unveiling New Possibilities for East Africa.

EIFIS E-SHOT (1)What is Islamic Finance?Islamic finance encompasses a broad range of financial products that are structured in compliance with Islamic law (Shariah).The general principles of Islamic finance include the prohibition of usury or interest (riba), excessive uncertainty (gharar) and gambling (maysir), as well as risk and profit sharing between involved partners. 

Making Islamic Finance work for East Africa

The Islamic Finance industry has seen large increases in recent years, with an annual growth rate of over 20%.  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 .  Kenya’s potential and efforts towads promoting Islamic Finance development will be unveiled at East Africa Islamic Finance Summit scheduled for February 17TH in Nairobi Villa Rosa Kempinski . Organised by East Africa Business Network, GBS Africa and Anjarwalla and Khanna, the  summit will feature experts in Islamic Finance, regional regulators and policy makers, and senior executives from key sectors e.g. Banking, Finance, Insurance, etc.

East Africa member states are exploring alternative sources of finance for infrastructure projects and budget deficit . In  an recent interview Hon. Henry Rotich indicated Kenya’s plans to tap into international market for borrowing.

”It is important for Kenya and members of the EAC to have a diversified debt portfolio ‘ Agnes Gitau Partner at GBS Africa stated. The region remains a very attractive destination for investment, and we must improve our laws to attract investment from the Gulf countries.”

 Hosted at the beginning of 2016, the summit will explore economic and political prospects for the region and how they may impact on Islamic Finance development, trade and investment in East Africa.

Details on registration for the summit can be found on http://www.eaifs.com or islamicfinance@eabusinessnetwork.com

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East Africa Islamic Finance Summit ‘ Unveiling New Possibilities for East Africa.
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