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{
    "id": 699685,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/699685/?format=api",
    "text_counter": 110,
    "type": "speech",
    "speaker_name": "Hon. Kaluma",
    "speaker_title": "",
    "speaker": {
        "id": 1565,
        "legal_name": "George Peter Opondo Kaluma",
        "slug": "george-peter-opondo-kaluma"
    },
    "content": "Hon. Speaker, a number of proposals contained in this Bill are very good. There is a provision requiring an insurer to maintain 100 per cent capital adequacy ratio. I personally acquired my legal skills while practising insurance law. I represented insurance firms like the United Insurance Company, Stallion and Lakestar, not knowing that they would collapse within a month. I had hundreds of files of clients who were seeking settlement of their claims. That proposal is good. In terms of determining the capital base, there are good criteria for determining the level of capital in terms of the risk involved. Hon. Speaker, I am concerned about clauses 2 and 3. Kenya is a secular State and the law should be made for all Kenyans. The Community Bank is Sharia compliant but it does not stop me from depositing money with them. Under the Sharia banking doctrine, there is no infringement of the general banking law of a country. I clearly know that I will not gain any interest on my deposit, and that no interest will be charged if I am given a loan. That is the idea about it. What are we doing by legislating on words like “ Takaful” in a national legislation when we know that the usage of such words is restricted to a particular people’s culture or religion? As an insurable group, members of the Luo community will now ask us to legislate on words like “guony ng’e wadu” . The Luhya community will ask us to legislate on something like"
}