Secretary General to represented CIFCA at the ABSA Kenya Islamic Finance Conference 2025 on 18 &19 August 2025 that was part of the process of establishing an Association of Shariah Advisors.
CIFCA’s participation was therefore aimed at: Sharing Tanzania’s experience in coordinating Shariah advisory services; providing institutional insights on Islamic Finance governance frameworks and supporting regional harmonization of Islamic finance practices.
Key discussion points for the conference and their outcomes included:
Need for Structured Shariah Governance: CIFCA’s centralized coordination model was highlighted as a best practice case study.
- Establishment of Shariah Advisors Association (Kenya): CIFCA shared practical insights on managing a national pool of Shariah experts, ensuring consistency in Shariah interpretations, and supporting both regulators and industry players.
- Regulatory and Market Development Challenges: CIFCA’s engagement model with regulators (e.g., advisory, training, policy input) was recognized as replicable.
- Islamic Finance as a Tool for Economic Development: CIFCA’s integrated approach Unking Shariah governance + market development + sustainability was received.
Key Output:
The participation of CIFCA in the ABSA Kenya Islamic Finance Conference 2025 was highly strategic and impactful. It reinforced CIFCA’s position as a thought leader and coordinating authority in Islamic finance, while contributing meaningfully to the development of Shariah advisory structures in Kenya.
The engagement presents a strong opportunity for CIFCA to expand its regional influence, support ecosystem development, and advance Islamic finance as a driver of sustainable economic growth in East Africa.
Key takeaways from the conference included commitments in:
- Capacity Building: Organizing joint Training programs; Certification initiatives and Knowledge-sharing workshops.
- Institutional Engagement: initiating formal engagement with ABSA Kenya and stakeholders CIFCA Offering technical support in establishing the Association.
- Development of Regional Framework: Proposing creation of East African Shariah Advisory Forum and Regional standards alignment platform.
- Policy and Regulatory Support: Engaging regional regulators to harmonize Shariah governance frameworks and strengthen Islamic finance ecosystem.
