Treasury moves in to seal Islamic finance loopholes

A currency dealer counts Kenya shillings at a money exchange counter in Nairobi October 23, 2008. The Kenya shilling breached the important 80.00 level on Thursday reaching a near four-year low, despite assurances by the central bank, due to demand for dollars. At 0800 GMT, commercial banks traded the unit at 80.10/20 against the dollar compared with 79.40/50 at the close of trade on Wednesday. REUTERS/Antony Njuguna (KENYA) - RTX9U50

When Peter Njuguna received an application for an Islamic Sacco, he nearly approved it.

The head of Sacco supervision at the Sacco Societies Regulatory Authority (Sasra) told a room full of regulators last week that what stopped him was discovering that the team that headed the Sacco had never held an official meeting.