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Description:
The high profile of infrastructure and access to related services in the communiqués of the World Bank (WB) and the International Monetary Fund (IMF) at their annual meetings of 2014 underscores the importance of infrastructure development worldwide. And nowhere is the lack of adequate infrastructure more crucial and potentially transformational than in Sub-Saharan Africa. A gap of around US$ 31 billion1 exists per year that must be bridged if Africa's infrastructure needs are to be met. Taking into account the resources currently available for infrastructure development to African governments the need for innovative project financing schemes becomes quite apparent. One area of possible innovation is the use of Islamic finance or shariacompliant financing for infrastructure development. Research on this type of financing has been conducted predominantly in Islamic countries and in developed countries. The purpose of this paper therefore is to explore from a non-Islamic developing country's perspective the prospects of using Islamic finance for infrastructure development. It aims to identify the conditions necessary in terms of an analysis current practice, gauge the understanding of Kenyan stakeholders as well as identify possible barriers that may be impeding Islamic infrastructure financing in Kenya. Three case studies of infrastructure projects drawn from Africa that have utilised Islamic financing mechanisms are conducted in order to answer research question one. Two cycles of a Delphi study were also conducted where interviews and questionnaires are used to gather the views and opinions of an expert panel to answer question two and three. This paper presents an overview of both conventional and Islamic project financing in infrastructure development followed by the presentation and discussion of the research findings. Trends to watch and policy recommendation aimed at facilitating the implementation of Islamic project financing in Kenya infrastructure development are also discussed. It is expected that the ...