Kenya should deepen its adoption of Islamic finance to widen access to capital, support small businesses and promote a more ethical financial system, Asmali Media CEO Ahmed Asmali has said.
Speaking at the Islamic Finance Forum and Dialogue Conference 2026 organised by Radio Generation on Thursday, Asmali said Kenya’s history of financial innovation gave it an opportunity to become a leading Islamic finance hub in Africa.
He said the sector should not be viewed as a service exclusively meant for Muslims, noting that its principles of fairness, transparency and shared risk could benefit a wider section of the population.
“This is not just about faith; it’s about fairness, transparency, and partnership,” Asmali said.
He argued that greater uptake of Islamic finance could help women entrepreneurs, young innovators and small businesses secure funding through financing arrangements that avoid excessive financial burdens.
According to Asmali, Islamic finance is already attracting customers beyond the Muslim community because of its focus on ethical investment, justice and transparency.
“Islamic finance is not only for Muslims,” he said, adding that the system was based on “justice, transparency” and risk sharing.
Asmali urged banks and insurance companies to expand their range of Shariah-compliant products, saying the move would give customers more choices while helping financial institutions diversify their portfolios.
He also pointed to Sukuk and Halal investment funds as potential avenues through which investors could support small and medium enterprises and other businesses.
“For investors, Sukuk and Halal funds provide ethical instruments for SMEs and entrepreneurs,” he said.
Asmali said partnership-based financing could also encourage businesses to grow while reducing dependence on conventional debt.
In addition, he called on regulators and policymakers to create an environment that would allow Islamic finance to expand and strengthen Kenya’s position in the global financial market.
“This forum is where these opportunities converge. It is where dialogue becomes action,” he said.
The Asmali Media boss stated that Islamic finance had the potential to contribute to infrastructure development, SME expansion and community empowerment, urging Kenya to seek a leadership role in the growing industry.
Former Deputy Chief Kadhi Sheikh Rashid who graced the event highlighted Shariah, which means “the path”, saying it is founded on four main sources: the Quran, Hadith, Ijma, or scholarly consensus, and analogy.
He said Islamic finance promotes fair dealings, asset-backed transactions and risk sharing while prohibiting practices such as gambling, excessive uncertainty and interest.
Sheikh Rashid identified the lack of a dedicated Islamic finance law, limited human capital and gaps in Shariah advisory and liquidity management as some of the challenges facing the sector in Kenya.
He called for stronger standards and policies to ensure Islamic financial products promote justice, balance economic interests and “avoid harm to the larger community.”