IMF warns Kenya of risk in Islamic banks
22 Jun 2017

The International Monetary Fund (IMF) has warned that the rapid growth of Islamic finance in Kenya is happening without adequate protection of depositors as is the case with conventional banking.

The IMF says in a newly released report that Kenya is yet to refine its prudential regulations to cater for Islamic banking despite the fact that the Shariah banks are offering loan products that are collateralised differently from conventional bank loans.

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