Kenya has been urged to adopt Islamic microfinance business models to help lift many families out of poverty and boost financial inclusion of disadvantaged groups in the country. Delegates from 28 countries participating in the Global Islamic Microfinance Forum in Nairobi heard that Islamic Microfinance offers greater access to interest-free capital thereby enhancing economic fortunes of disadvantages individuals and groups. Islamic Microfinance, which is yet to gain a strong foothold in Kenya, is part of the larger Islamic Finance industry which offers services in banking, insurance (Takaful), and bonds (sukuks).
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Source: Standard Digital