The insurance industry in Kenya is in the process of developing Shariah compliant products and services to cater for the Muslim community.

Insurance Regulatory Authority (IRA) Chief Executive Officer Sammy Makove said the service was meant to cater for the Muslim community which has in the past been left out because products currently being offered do not conform to their religious teachings.

Makove said that due to their religious beliefs, Muslims have not been enjoying insurance services save for those that are a prescribed under the Kenyan laws like vehicle insurance.

Makove said the industry is currently in negotiations with banks and other stakeholders with a view to coming up with products that are acceptable to the Muslim fraternity.

He said the sector is also in the process of developing a pro-poor insurance product to bring on board the economically disadvantaged Kenyans left out by the conventional services offered by insurance companies.

"Already some of our members have come up with fairly priced products that even low income earners can afford since some of them require very low premiums of about Ksh 250 per month," he said.

Meanwhile, Makove who is also the commissioner for insurance is calling on companies to try and reclaim the trust of the public by ensuring that they uphold integrity in their operations.

He said IRA is working with other stakeholders such as the Association of Kenya Insurers and government to ensure the public appreciate the services being offered.

Meanwhile the chairman of the IRA Steve Mainda has said the organization's vision is to ensure that in the medium and long term, every Kenyan will have insurance cover, just like in the developed world.

Mainda said with the current global economic recession, there's need to strategize on ways to have strong and vibrant institutions that would steer the country to greater economic prosperity.