STATE OF ISLAMIC SHARIA COMPLIANT ASSET MANAGEMENT IN KENYA

Ace Financial Advisory

CORRESPONDENT REPORT

STATE OF ISLAMIC SHARIA COMPLIANT ASSET MANAGEMENT IN KENYA

Although the first Islamic Sharia Compliant Fund was launched on Wednesday, 7th March 2012, by FCB Capital Ltd (Kenya’s First Investment Bank) – First Ethical Opportunities Fund https://www.firstcommunitybank.co.ke/about-us/fcb-capital to provide sharia conscious Muslim’s and Ethically conscious Kenyan’s a collective investment vehicle to invest in Regional and Kenyan Securities. Its has had only the Iman Fund by Genghis Capital http://www.genghis-capital.com/index.php/services/unit-trust-funds to join the Islamic Sharia Compliant Collective Investment vehicle space.
The Islamic Sharia Compliant Retirement Benefits scheme space has one player, authorised by the Retirement Benefits Authority, on Wednesday 10th April 2015 https://www.businessdailyafrica.com/corporate/Regulator-licenses-first-Sharia-compliant-pension-scheme/539550-1745060-10m3rkc/index.html , The Takaful Retirement scheme – an Umbrella Scheme http://www.takafulafrica.com/images/downloads/Takaful-Umbrella-Fund-Brochure.pdf
First Ethical Opportunities Fund
This is an open ended fund whose initial subscription was 50,000 units of Kshs 2,000 (1 USD is approximately Kshs 103). It is redeemable at its NAV.
Takaful Retirement Benefit Scheme
The Takaful…

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