It is in this spirit that the Kenyan government through the Finance Act 2010, amended Section 45 of the Central Bank of Kenya Act, to allow the Central Bank as the Government’s fiscal agent to recognize the payment of a “return” rather than “interest” on government securities. This amendment opens up the spectrum of Sharia compliant investments in the country.
Ladies and Gentlemen: The future of Islamic finance in Kenya and in the region remains bright. On its part, the Government of Kenya will continue to pursue policies that create an enabling environment that will eventually culminate in Kenya establishing itself as a regional financial hub as envisaged in Vision 2030.