pan - african nature of the kenyan banking sector. • second, enhancing financial integrity in the banking sector so as to ensure that the financial systems are safeguarded against money laundering and financing of terrorism. • third, promoting financial inclusion for financial deepening and development in line with the aspirations under the kenyan vision 2030. national bank of kenya should take advantage of the new developments in the industry as well as initiatives put forth by the central bank to grow its market share. finally, ladies and gentlemen : let me again congratulate the national bank on this endeavour and challenge it to be innovative in products and services offering in sharia compliant banking. i wish the bank every success in this new business segment. with these few remarks let me take this opportunity to officially launch “ national amanah ”, the sharia compliant banking business segment of national bank. thank you and god bless you all. bis central bankers ’ speeches

njuguna ndung ’ u : the future of sharia compliant banking and finance in kenya address by prof njuguna ndung ’ u, governor of the central bank of kenya, at the official launch of the national bank of kenya ’ s sharia compliant banking “ the national amanah ”, nairobi, 29 april 2013. * * * board of directors of national bank of kenya limited here present, mr. mohamed a. hassan, chairman, national bank of kenya mr. munir ahmed, managing director, national bank of kenya, distinguished guests, ladies and gentlemen : i am delighted and honored to have been invited to preside over the official launch of the rebranded sharia compliant banking window of national bank. allow me at the onset to congratulate national bank for this relaunch of the two sharia compliant products to be offered under the new brand name of “ national amanah ”. this will no doubt enable the bank reach out to more of the unbanked in our country. this will not only grow the deposit base but also enhance the government ’ s goal of financial inclusion for all kenyans. ladies and gentlemen : sharia compliant banking and finance has evolved to become an integral part of global financial system transcending geographical boundaries from asia, to the middle east, to europe, americas and africa. the assets worldwide have expanded from some us $ 150 billion in the 1990s to us $ 1. 3 trillion by 2011. this was expected to have reached us $ 1. 6 trillion by end of last year. although sharia compliant banking industry currently only constitutes 1. 6 % of the total assets of the top 50 largest banks in the world, it remains one of the fastest growing segments in the global financial services sector. the sharia compliant banking industry is expected to witness further development particularly in terms of development of new products as well as opening up of new markets, in light of the industry ’ s resilience during the global financial crisis of 2007 / 2008. there must be important characteristics of sharia compliant products that we should learn. at the local level too, sharia compliant banking is notably beginning to take root. kenya currently has two fully fledged shariah compliant banks and a number of conventional banks have been granted approval to roll out shariah compliant products. kenya has also pioneered in the sharia compliant insurance and re - insurance segments. the government, through finance act 2010, amended section 45 of the central bank act, to allow for