Kenya

Kenya has no separate Islamic banking law. Islamic banks are licensed under the Banking Act, which refers to institutions 'carrying out business in accordance with Islamic law' that pay a return instead of interest on savings accounts. CBK licensed DIB Bank Kenya under sections 4 and 5 of the Banking Act in April 2017. A private member's Central Bank (Amendment) Bill 2023, which proposed a Shariah Advisory Council at CBK, was reported in July 2023; no record that it passed was found.

• “the Central Bank (Amendment) Bill, 2023, proposed by Wajir West MP Yusuf Farah”
  Sharp Daily · 2023-07-26 · secondary
• “pay interest accruing, or a return in the case of an institution carrying out business in accordance with Islamic law”
  Central Bank of Kenya (hosted copy) · 2014-08
• “The licence has been granted under Sections 4 and 5 of the Banking Act”
  Central Bank of Kenya · 2017-04-28

• Gulf African Bank Limited · full bankHajj AccountPersonal Home FinancePersonal Auto Finance
• DIB Bank Kenya Limited (subsidiary of Dubai Islamic Bank PJSC) · full bankMalkia AccountPersonal FinanceStock and Working Capital Financing
• Premier Bank Kenya Limited (formerly First Community Bank) · full bankMortgage Financing (Diminishing Musharaka)Savings Accounts (Busara Account)
• KCB Bank Kenya - KCB Sahl Banking · windowAsset Based Finance - KCB Sahl BankingCheck-off Financing - KCB Sahl Banking
• Absa Bank Kenya PLC - La Riba (Islamic Banking) · window

• “14. DIB Bank Kenya Limited”
  Central Bank of Kenya · 2026-07 (upload folder; no date printed on page)
• “20. Gulf African Bank Limited”
  Central Bank of Kenya · 2026-07 (upload folder; no date printed on page)
• “30. Premier Bank Kenya Limited”
  Central Bank of Kenya · 2026-07 (upload folder; no date printed on page)
• “Premier Bank is a privately owned Sharia-compliant commercial bank incorporated in Kenya on 20th April, 2023”
  Premier Bank Kenya · not shown
• “Gulf African Bank’s product offering is 100 % Shari’ah compliant.”
  Gulf African Bank · not shown
• “DIB intends to exclusively offer Shariah compliant banking services in Kenya.”
  Central Bank of Kenya · 2017-04-28
• “Simba Savings Account - KCB Sahl Banking”
  KCB Group · not shown
• “explore La Riba secured and unsecured financing and investment options”
  Absa Bank Kenya PLC · not shown

• Linzi FinCo Trust (Linzi Sukuk) · 2024 (issue date 7 May 2024; CMA approval reported September 2023) · KES 3,000 million outstanding per NSE; 15-year, maturity 7 May 2039, fixed profit rate 11.13%

• “Linzi Sukuk Fixed Income 7 May 2024 7 May 2039 Fixed 11.13”
  Nairobi Securities Exchange · 2026-07-03
• “Linzi Finco Trust has been approved by the Capital Markets Authority (CMA) to float a Sh3 billion bond”
  Capital FM Business · 2023-09-20 · secondary

Takaful Insurance of Africa runs a takaful website and Kenya Re says it has run a retakaful window since 2013. EY reports that the Insurance Regulatory Authority published draft Insurance (Operation of Takaful) Regulations in October 2025; whether they are final could not be checked. Search results say the Insurance (Amendment) Act 2016 added takaful to the Insurance Act, but the Act text could not be opened (IRA and Kenya Law copies blocked), so this legal basis is unconfirmed.

• “The Retakaful Window was launched in 2013. Kenya Re is a composite Retakaful operator”
  Kenya Reinsurance Corporation · not shown
• “Takaful Insurance of Africa — Shariah-compliant Takaful solutions for health, life, motor, and more.”
  Takaful Insurance of Africa · not shown
• “Draft Insurance (Operation of Takaful) Regulations 2025”
  EY Tax News · 2026-02-11 · secondary
• “Takaful Insurance of Africa is currently the only shariah-compliant insurer in the country.”
  Middle East Insurance Review · 2018-09 · secondary

No CMA rule or guideline written for Islamic products was found. The 2023 Collective Investment Schemes Regulations have no Islamic provisions. CMA approves such products one by one: it approved the Linzi Sukuk in Sept 2023 and the Ziidi Shariah Money Market Fund on 20 Feb 2025, and said seven licensed firms then offered Shariah unit trust funds. A CMA research paper recommends issuing guidelines. Left null because the Capital Markets Act text could not be opened, and press reports say the Finance Act 2017 amended it for Islamic products.

• “the number of licensed firms offering Shariah-compliant unit trust funds in Kenya now stands at seven”
  Capital Markets Authority Kenya · 2025-02-20
• Capital Markets Authority Kenya · 2023
• “Promulgation of a Shariah Regulatory Framework through issuance of Guidelines be implemented”
  Capital Markets Authority Kenya · not shown