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Integrating bay al salam and financial technology: catalyzing financial inclusion for farmers in north east Kenya

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dc.contributor.authorAbdimalik Bashir Jama
dc.contributor.supervisorZiyaad Mahomed
dc.date.accessioned2024-03-18T00:54:08Z
dc.date.available2024-03-18T00:54:08Z
dc.date.issued2021
dc.description.abstractThe Islamic banking system employs different Shariah contracts based on its clients financing needs. One such contract is the bay al salam or a forward sale contract. This study examines how best Islamic banks in Kenya could use bay al salam to finance agricultural farmers in North-eastern Kenya. Furthermore, the study investigates how financial technology can be used to enhance its application. Takaful risk mitigation measures are highly essential in the proposed hybrid model; hence the study examines how best to incorporate its schemes in the model. The study employed a qualitative approach, where primary data sources are extracted from the study s respondents, consisting of Islamic banking and insurance industry practitioners, horticultural farmers, regulatory authorities, fintech firms among other. The study also relies on secondary data sources for content analysis on the salam contracts and its various applications globally. The research revealed that financing gap exists, and there is a lack of awareness of agri credit products by the farmers in the region. Additionally, the research found that financial institutions currently didn t have financing products for the market segment. Hence, the paper proposes a model that enables Islamic banks to leverage on the use of technology in utilizing the Salam contract towards providing sustainable finance to the marginalized farmers. Additionally, the research revealed that integrating takaful schemes in the bay al salam financing process could help reduce the risks faced by financial institutions.en_US
dc.identifier.citationJama, A. B. (2021). Integrating bay al salam and financial technology: catalyzing financial inclusion for farmers in north east Kenya (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from https://ikr.inceif.org/handle/INCEIF/3991en_US
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/3991
dc.languageEnglish
dc.language.isoengen_US
dc.publisherINCEIFen_US
dc.rights2021. INCEIF
dc.sourceSGPS
dc.subjectBay al salam
dc.subjectFinancial technology
dc.subjectTakaful
dc.subjectFinancial inclusion
dc.subjectFarmers
dc.subjectKenya
dc.subjectProject paper (MSc)
dc.subjectIslamic banking
dc.titleIntegrating bay al salam and financial technology: catalyzing financial inclusion for farmers in north east Kenyaen_US
dc.typeMasteren_US
dspace.entity.typePublication
ikr.doctypeTheses
ikr.licenseAvailable in PDF format. Kindly email to kmc@inceif.edu.my to access the item
ikr.topic.maintopicIslamic bankingen_US
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