Kenya regulator opens takaful market to conventional insurers

Kenya's regulator has introduced new takaful (Islamic insurance) rules which will allow the entry of conventional players into the sector, part of efforts to boost capital markets in East Africa's biggest economy. Takaful is seen as a bellwether of consumer appetite for Islamic finance products. Islamic finance, which follows religious principles such as bans on interest payments, accounts for roughly 2 percent of total banking business in Kenya, where Muslims make up about 15 percent of the pop