It is also fast internationalizing. But it has also reached a stage where it faces some interesting challenges, if it is to really take off as a major component of global financial market activities. These challenges revolve around the continuing need to achieve greater alignment and convergence, without which the vision of deep and liquid global Islamic financial markets risks being compromised.
In this respect, the CBK has commenced the quarterly publication of individual banks’ lending rates across loan categories and maturities. The housing sector in Kenya has also attracted the attention of the diaspora who have been remitting funds to acquire or build assets for their retirement or their future housing.