Kenyan bait-ul-maal puts Kenya’s Muslims on global map

NAIROBI, KENYA: The modern day Bait-ul-Maal whose creation was recently endorsed and structures created by Kenya Muslim scholars is an enterprise of immense global potential that would dramatically increase revenue collection for government and create jobs to the local population.

"The reasoning is simple, the problem of an interest based banking system is a problem faced by conservative Muslims not only in Kenya but around the world. With the current developments, we are becoming the focus of all Muslims around the world" says Maimuna Pertat a member of the lobby group Youth against Rib'a.

"400 million conservatives Muslims are uncomfortable using any form of banking because of Islamic religious prohibitions that cover every aspect of banking. This is the market that the modern day Bait-ul-Maal will tap into and exploit servicing the huge market base using technology to transform currency markets and lending," she continues.

The recent deliberations and structures of the modern day Bait-ul-Maal by the scholars will provide a solution beyond Kenyan market.

"Once you understand that the modern day Bait-ul-Maal would use gold dinar and silver dirham as currency you understand that the import of gold and silver into Kenya will rise and as the trading between commodity money and fiat money takes place, commissions would be generated. The customs duty, VAT and income tax implications would be tremendous. Remember the United States is a 300 million person economy. This Bait-ul-Maal would be servicing the currency needs of a population equally as big," explains economist Mohammed Adow.

"The economic potential is enormous and I doubt that the government will let this opportunity pass by because the reality is that now that the rulings are out, the modern day Bait-ul-Maal can be set up anywhere.”

“I am optimistic that the Kenya Government will do everything they can to tap this bottomless revenue base with concessions and even possibly enabling legislation in due course. It’s all about forsight and seizing the oppurtunity" he concludes.