Kenya’s emerging landscape of Islamic finance

IFN Country report: Kenya Mohamed Ebrahim is a partner at Ace Associates, a member firm of McMillan Woods Global. He can be contacted at mebrahim@acegroup.co.ke. Kenya is the latest African country to hop onto the bandwagon of countries wishing to issue Sukuk and create a regional hub for Islamic financial services. With this in mind, … Continue reading Kenya’s emerging landscape of Islamic finance

STATE OF ISLAMIC SHARIA COMPLIANT ASSET MANAGEMENT IN KENYA

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 … Continue reading STATE OF ISLAMIC SHARIA COMPLIANT ASSET MANAGEMENT IN KENYA

After know where you money is going. . . Part Two

You have known where your money is going by making lists of expenditures and making a budget. Are you happy that you are getting the right value/pleasure/satisfaction by looking at how you are spending your money? List down your goals/objectives that you would like to achieve in a months time, after a year, and in … Continue reading After know where you money is going. . . Part Two

Know your net worth – as you find out and analyse where you money is going.

After knowing where your money is going, the next very important step is to know your NET WORTH (that is what you already own (Assets) subtract what you are owed (Liabilities). This will guide you to meet your financial and personal goals in life. Knowing your current net worth is important in order to track … Continue reading Know your net worth – as you find out and analyse where you money is going.

Islamic Sharia Compliant Investment Funds – Blog Series No. 3 Types of Funds – Islamic Commodity Funds

In an Islamic Commodity fund, the funds raised from investors are used in purchasing different commodities for the purpose of their resale at a profit. The commodities could be Gold, Silver, Grains, Sugar, Rice, Tea, coffee, beef etc, which are tradable in recognised commodity exchanges like Dubai Multi Commodity exchange etc. The profits generated by … Continue reading Islamic Sharia Compliant Investment Funds – Blog Series No. 3 Types of Funds – Islamic Commodity Funds

Insurance Series Blog Series No. 1 Introduction to Sharia Compliant Insurance – Takaful.

Islam has not prohibited insurance contrary to commonly held beliefs. As far as the concept of insurance in Islam is concerned, it is to cover the risk of loss, or the "fortunate many helping the unfortunate few". This concept is not only allowed, but also encouraged in Islam. "Help one another in righteousness and piety, … Continue reading Insurance Series Blog Series No. 1 Introduction to Sharia Compliant Insurance – Takaful.

Islamic Sharia Compliant Investment Funds – Blog Series No. 2 Islamic Sharia Compliant Investment in Shares and Equity Funds

Dealing in equity shares can be acceptable in Shariah subject to the following conditions: The principal business activity of the company does not violate Shariah principles and Islamic Moral values. Therefore, it is not permissible to acquire the shares of the companies providing financial services on Riba (interest, usury), like conventional banks, insurance companies, or … Continue reading Islamic Sharia Compliant Investment Funds – Blog Series No. 2 Islamic Sharia Compliant Investment in Shares and Equity Funds

What Can We Learn From Ants? Planning ahead, and Insurance.

1. Ants are driven by purpose Ants have a clear long term objective or goal which shapes everything they do. For example, one ant’s sole job description is to find food for the colony. This is his purpose, and all that he inputs this time and energy into, and so it compounds his chances of … Continue reading What Can We Learn From Ants? Planning ahead, and Insurance.