Kenya introduced a master plan for the development of Islamic Finance in the country thanks to the 6th Global Islamic Microfinance Forum that was recently inaugurated in Nairobi by Dr. Geoffrey N. Mwau, Director General, Budget, Fiscal & Economic Affairs, National Treasury, Kenya, Raza Bashir Tarar, High Commissioner of Pakistan in Kenya, Dr. Amjad Saqib, Founder Akhuwat and Zubair Mughal, CEO, AlHuda CIBE.
The salient topics that were discussed at the conference included bringing together the Islamic Microfinance Institutions on a single platform, role of Islamic Microfinance in poverty alleviation, Shariah and related issues of Islamic Microfinance Institutions and their solutions, Crypto-Currency as tool of financial inclusion, Islamic Agriculture, among others. It was also highlighted that Kenya is keen on Islamic Finance because of the potential that this field of finance holds, not only globally but also domestically.
Dr. Amjad Saqib, Founder – Akhuwat appreciated the contribution of AlHuda Center of Islamic Banking and Economics for the promotion of Islamic Microfinance, adding that, in Sub-Saharan Africa more than 50% of the population is Muslims.
The presence of such a large number of Muslims along with weak financial inclusion and limited Islamic providers, calls for the need of Islamic Microfinance products to be promoted at time when microfinance industry is witnessing continued growth.
