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Kenya: Islamic reinsurance set for launch in 2014


Kenya could see the launch of its first Islamic reinsurance in 2014 as Kenya Reinsurance Corp. forays into Sharia-compliant business, Kenyan daily The Star reported.

Kenya's Capital Markets Authority said that Kenya Re can offer a regional platform for Islamic reinsurance as it has presence in West Africa and Middle East.

In its 10-year master plan, the authority said the market for Islamic financial services is "still nascent in Kenya" but the country's sizeable Muslim population and other such factors represent strong potential.

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