Muslims owe Kibaki a debt of gratitude for embracing Islamic banking

Muslims in prayer at Sir Ali Club ground on May 01, 2022, during Eid celebrations in Ngara. [Denish Ochieng, Standard]

President Mwai Kibaki is the father of Islamic Banking in Kenya and Muslims owe him a huge debt of gratitude. He licensed our first Islamic bank in 2007 and opened the way for Islamic finance to flourish in Kenya. Once Kenya approved the establishment of an Islamic bank, Uganda and Tanzania followed suit. How did that happen?

The late Daudi Mwiraria, Kibaki’s former Minister of Finance, took us to see Kibaki and to personally explain to him exactly what we wanted. The Minister of Finance Amos Kimunya and Stanley Murage, the President’s Economic Advisor, were also present. I was accompanied by my partner Ahmed Bajaber. We were given half an hour to make our pitch.