International fiance corporation is a part of world Bank group which provides financing and technical assistance to those who wants to set up Islamic Banks. They have assisted the second Islamic bank ( Gulf African Bank) in Kenya with 10% equity. According to the current regulation foreign investment isn’t allowed in banking business in our country. I don’t know how the financial investment of this organization is treated in the current regulation. However, at least new start-up Islamic bank can get the technical assistance and advisory services. Ethiopia is a member of this organization.
Contact address:
Kenya, Nairobi
(also serves: Burundi, Djibouti, Eritrea, Ethiopia, Rwanda, Somalia, Sudan, Tanzania and Uganda)
Jean Philippe Prosper
Director
International Finance Corporation
Commercial Bank of Africa (CBA) Building
Mara/Ragati Road
Upper Hill
Tel: (254 20) 275-9000
Fax: (254 20) 275-9210
http://www.ifc.org/ifcext/africa.nsf/Content/Home
Islamic development Bank Jeddah also provides similar assistance. I am not sure this assistance is extended to non-member countries or not. Information can be otained at the Saudi embassy in Addis Ababa or contact directly. According to New Horizon, IDB has contributed over $200 million worth of technical assistance to around 70 Shari’ah-compliant financial institutions worldwide, including banks, finance houses, investment, insurance and leasing companies. http://www.isdb.org
