College becomes the second to offer course on Islamic finance in Kenya

CIC principal Loise Gechuki exchanges MOUs with Daud Abdalla of Global University of Islamic Finance PHOTO COURTESY

Mombasa, KENYA:The Coast International College is soon set to start offering a course on Islamic finance.

According to a report by the Business daily; the college signed a memorandum of understanding with the Global University for Islamic finance in Malaysia to offer a diploma in Islamic finance.

The Global university for Islamic finance is the leading college in Islamic finance in the world.The agreement would ensure that the university would provide the curriculum for several of the units taught in the course.

Coast international college becomes the second institution of higher learning in the country to offer a course in Islamic finance, after the Kenya school of monetary studies started offering a similar course in 2014.

Most of the colleges and universities instead have a unit on Islamic banking in their course curriculum or teach it  as a contemporary issue in Banking and finance.

The rise in demand for Islamic banking has forced several banks to establish windows that are sharia compliant like the National Amanah of National bank and Chase Iman of Chase bank.

The sharia compliant law prohibits lenders from accepting interests and facilitating investment in Alcohol and pork among others.