2016 is very promising year for Islamic Finance in East Africa following current developments that have taken place early in January. In Jan 11, news was all over the world that Uganda has taken the lead to amend her Financial Institution Act 2004 to allow Islamic banking and gave it legal framework to stand and grow.
Before the jubilation mood rests, Kenya has finalized setting up of Project Management Office (PMO) for the implementation of Islamic Finance in Kenya. IFAAS (consultancy firm specialized in Islamic Finance) and Simmons and Simmons (international Law firm) has been commissioned to lead the PMO to work closely with the financial sector regulators on the development of an institutional, Policy and Regulatory Framework for the Islamic Finance Industry in Kenya.
In Tanzania, ABRAR Solutions Limited-the first consulting firm specializing in Islamic Finance started operations with the noble goal of promoting Islamic Finance in the country. The company aims is to be catalyst for the development of the IF sector by bringing together regulators, industry players and academicians in order to bring in reforms required to create level playing field and spur growth for the sector and all stakeholders. More importantly, to promote awareness, supplement capacity building initiatives and support institutions to achieve their goals of having Islamic financial products on their menu.
Tanzania having three academic institutions offering Islamic finance courses have a competitive advantage to provide workforce required to the local sector and the neighbors.
However, much needs to be done on development of required knowledge and human capital to instill required competencies for the industry in the region.
Yes in deed, 'Opportunity favors prepared mind', let us wake up and be prepared, good things are coming.
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