Capital Markets Authority CEO Wycliffe Shamiah (left), Chairman Ugas Sheikh Mohamed (right) and Islamic Finance professor and author Ahcene Lahsasna launch the Kenyan Version of the “Q and A in Islamic Finance” book in Nairobi on October 16.
The Capital markets Authority (CMA) and stakeholders within the Islamic finance sector have agreed to work together in coming up with shariah-compliant investment products amid liquidity challenges among lenders.
The challenges of the shariah-compliant banks stem from stringent Islamic values seen to deter them from investing in government securities and participating in the interbank market where conventional banks borrow overnight to meet liquidity shortfalls. Shariah principles bar payment or acceptance of interest or “riba”.
