Kenya launches 1st Islamic bonds valued at USD23M at NSE
(MENAFN) On Wednesday, Kenya made a significant financial move by listing its first Islamic bonds, valued at USD23 million, at the Nairobi Securities Exchange (NSE). This groundbreaking event, which saw President William Ruto inaugurate the Sukuk bonds issued by Linzi Finco Trust Islamic, represents a new approach to financing. The initiative is part of Ruto’s broader affordable housing agenda, offering an alternative to traditional funding methods.
At the launch, President Ruto emphasized the role of Shariah-compliant bonds in fostering financial inclusion and expanding market access. He highlighted that these innovative financial instruments are designed to unlock new investment opportunities and support Kenya’s Bottom-Up Economic Transformation Agenda. This approach aims to align Kenya with global trends towards more stable and robust economic growth.
The new Sukuk bonds are expected to attract more investors by opening up Shariah-compliant markets in Kenya, according to NSE CEO Frank Mwiti. The issuance of these bonds is part of a broader strategy to tap into the growing Islamic finance sector, providing additional resources for critical infrastructure projects, especially in the housing sector.
Ruto’s administration is actively working on various projects to address Kenya's housing shortage. The affordable housing initiative, a cornerstone of the Bottom-Up Economic Transformation Agenda, seeks to enhance living conditions by making home ownership more accessible. Recent efforts under this initiative include the construction of thousands of affordable housing units to meet the high demand for affordable homes across the country.
MENAFN01082024000045015839ID1108504240
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.