Islamic banking

Kenya: Central bank waters down push for new Shariah framework

By Herald Aloo

Reserved for subscribers

Posted on August 28, 2023 08:54

© Central Bank of Kenya Governor Kamau Thugge stands outside the National Treasury building in Nairobi, Kenya June 15, 2023. REUTERS/Thomas Mukoya — Central Bank of Kenya Governor Kamau Thugge stands outside the National Treasury building in Nairobi, Kenya June 15, 2023. REUTERS/Thomas Mukoya

CBK governor Kamau Thugge tells The Africa Report there is no need for new rules and regulations for Islamic banking.

A proposal by Kenya’s Muslim community to stiffen Shariah-compliant banking regulation is facing an early setback as the Central Bank of Kenya (CBK) governor Kamau Thugge now expresses reservations about the matter.

There's more to this story

Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.

Subscribe Now

cancel anytime

Already a a subscriber Sign In

More Business

FILE PHOTO: FILE PHOTO: Cocoa beans are pictured next to a warehouse at the village of Atroni, near Sunyani © FILE PHOTO: FILE PHOTO: Cocoa beans are pictured next to a warehouse at the village of Atroni, near Sunyani, Ghana April 11, 2019. Picture taken April 11, 2019. REUTERS/Ange Aboa/File Photo/File Photo – RC2353A8341Z

Not enough

Ghana: Cocoa farmers still disgruntled despite hiked price The announcement on 9 September that cocoa price went up from GH¢800 to GH¢1,308 ($113) per bag evoked mixed responses from farmers.

jad20230905-eco-rdc-compagnies-minieres-dechues-1256×628-1693996369 © The Frontier copper mine at Sakania, on the border with Zambia in Haut-Katanga province. Gwenn Dubourthoumieu for JA

huge blow

DRC: Cancelling operating rights of 29 mining companies stirs controversy The Congolese government’s decision, for which no reasons were given, raises many questions, causing great concern in localities.

A trader changes dollars with naira at a currency exchange store in Lagos. REUTERS/Joe Penney/File Photo

Currency Squeeze

Nigeria: Flutterwave FX sourcing product points way to easing shortages Nigeria’s fintech sector can help address the country’s crippling shortages of foreign currency, economists say.

FILE PHOTO: A shopper walks to a Woolworths store in Johannesburg, South Africa, March 2, 2022. REUTERS/Siphiwe Sibeko/File Photo

three-horse race

South Africa: Woolworths aims to leapfrog Shoprite, Pick n Pay to regain retail dominance Woolworths is aiming to beat off competition from Shoprite and Pick n Pay, which have both tightened their control on the retail sector.