These banks are expected to introduce novel Sharia compliant products adding to the existing variety in the sector. We believe this is in tandem with national aspirations of developing Kenya into a premier financial services hub in the region with a variety of competitive products on offer.
Ladies and Gentlemen: I will spend the next few minutes to highlight the various initiatives undertaken in the course of 2007 in order to enhance the legal and regulatory framework for the sector. The comprehensive review of the Banking Act that commenced in 2006 was completed in May this year, and the revised Draft submitted to the Minister of Finance in June.